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What is the Cost of Europe’s Energy Crisis?
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Europe is scrambling to cut its reliance on Russian fossil fuels.
As European gas prices soar eight times their 10-year average, countries are introducing policies to curb the impact of rising prices on households and businesses. These include everything from the cost of living subsidies to wholesale price regulation. Overall, funding for such initiatives has reached $276 billion as of August.
With the continent thrown into uncertainty, the above chart shows allocated funding by country in response to the energy crisis.
The Energy Crisis, In Numbers
Using data from Bruegel, the below table reflects spending on national policies, regulation, and subsidies in response to the energy crisis for select European countries between September 2021 and July 2022. All figures in U.S. dollars.
| Country | Allocated Funding | Percentage of GDP | Household Energy Spending, Average Percentage |
|---|---|---|---|
 Germany | $60.2B | 1.7% | 9.9% |
 Italy | $49.5B | 2.8% | 10.3% |
 France | $44.7B | 1.8% | 8.5% |
 U.K. | $37.9B | 1.4% | 11.3% |
 Spain | $27.3B | 2.3% | 8.9% |
 Austria | $9.1B | 2.3% | 8.9% |
 Poland | $7.6B | 1.3% | 12.9% |
 Greece | $6.8B | 3.7% | 9.9% |
 Netherlands | $6.2B | 0.7% | 8.6% |
 Czech Republic | $5.9B | 2.5% | 16.1% |
 Belgium | $4.1B | 0.8% | 8.2% |
 Romania | $3.8B | 1.6% | 12.5% |
 Lithuania | $2.0B | 3.6% | 10.0% |
 Sweden | $1.9B | 0.4% | 9.2% |
 Finland | $1.2B | 0.5% | 6.1% |
 Slovakia | $1.0B | 1.0% | 14.0% |
 Ireland | $1.0B | 0.2% | 9.2% |
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