EU Energy Commissioner: The worst energy crisis of all time is coming
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Europe fears a growing fuel shortage due to the conflict in the Middle East. Even if the fighting ends soon, it could take years for the market to stabilize.
European Commissioner for Energy and Housing Dan Jørgensen stated that "possibly the worst energy crisis of all time" is approaching, according to a German publication.
Due to rising energy prices, EU countries have already incurred additional costs totaling over thirty billion euros since the beginning of March. And this is just the beginning, Jorgensen predicted.
In the special risk zone - aviation The European Commissioner for Energy predicted disruptions to the summer air travel season, stating that kerosene supply shortages, flight cancellations, and rising ticket prices will begin as early as early June.
To prevent collapse, EU authorities are already increasing strategic fuel reserves. Brussels is also developing emergency resource allocation scenarios in the event of a severe shortage. These are unprecedented mechanisms that have never been used in peacetime.
In April, Jørgensen presented the AccelerateEU emergency plan to combat rising energy prices and accelerate Europe's transition to clean energy. The plan includes, among other things, protecting consumers and industry from price shocks, modernizing the EU energy system, and other measures. This means additional financial spending.
Just over a year ago, Jørgensen presented the European Commission's plan to completely phase out Russian gas and other energy sources by the end of next year. Among other things, Brussels' plan called for a complete ban on nuclear fuel supplies from Russia. Now, everything has changed dramatically. The Belgian government recently abandoned plans to dismantle its nuclear power plant reactors as part of its transition to renewable energy sources. Moreover, the kingdom intends to restore nuclear power generation and even build additional nuclear power plant units.
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