European countries have faced almost €41 billion in additional fossil fuel import costs as disruption in the Middle East drove up global energy prices, highlighting the continent’s continued vulnerability to external supply shocks.
According to a report by the Centre for Research on Energy and Clean Air (CREA), the Netherlands, Italy, France and Spain were among the countries hardest hit by higher prices between March and August. Italy recorded an estimated €12.7 billion in additional costs, followed by the Netherlands at €11.5 billion, France at €10.8 billion and Spain at €8.8 billion.
The additional costs were incurred despite no increase in the volume of energy imported, with the rise attributed entirely to higher prices following the conflict involving Iran and disruption to energy markets.
Across the 170 countries examined, 134 paid more than anticipated for diesel imports. Globally, the crisis has added more than €282 billion to fossil fuel import bills, according to CREA, with oil accounting for around €140 billion.
Liquefied natural gas prices also rose sharply, while higher diesel costs are expected to affect freight, agriculture and industry, potentially feeding through to consumer prices.
CREA said investments in renewable energy have helped cushion the impact. Clean energy capacity installed in the EU since 2020 is estimated to have saved countries €36 billion in fossil fuel purchases during the first five months of the crisis.
The report argues that expanding renewable energy and electrification could strengthen Europe’s energy security by reducing its exposure to volatile international oil and gas markets.
via Euronews
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