The Hormuz crisis has increased Europe's energy costs by hundreds of billions of euros
The closure of the Strait of Hormuz has led to a sharp increase in Europe's costs for importing oil, gas and other fossil fuels. According to the European Commission's estimate, the additional costs since the start of the crisis have reached 127 billion euros.
This was stated on 3 November by European Commission President Ursula von der Leyen during her speech at the WinWin Brussels Summit in Brussels, reports ANSA.
According to von der Leyen, due to the closure of the Strait of Hormuz, Europe has spent 127 billion euros more on imports of fossil fuels, without receiving additional volumes of energy.
The European Commission President stressed that dependence on imported energy makes the European economy vulnerable to international crises and fluctuations in world prices.
The new estimate indicates a further increase in the financial consequences of the energy crisis. During her annual State of the Union address to the European Parliament on 16 September, von der Leyen estimated additional costs for fossil fuel imports at 90 billion euros.
Thus, compared to the September estimate, the amount increased by 37 billion euros. This refers to the additional cost of imported energy due to the crisis, not to separate EU budgetary expenditures.
Von der Leyen linked these costs to the need to accelerate Europe's energy transformation. According to her, the development of own clean energy sources is not only environmentally important but also directly affects the competitiveness and economic independence of the EU.
The European Commission President confirmed her intention to maintain the EU's climate goals. In particular, by 2040 the EU plans to reduce greenhouse gas emissions by 90%, and by 2050 - to achieve climate neutrality.
According to von der Leyen, since 2021, EU countries have invested over 1.2 trillion euros in activities related to sustainable development. She stressed that such investments require long-term predictability of public policy.
The European Commission believes that reducing dependence on imported oil and gas will allow European industry to better protect itself against future energy shocks. At the same time, the estimate of 127 billion euros characterises the additional costs already incurred, not a forecast of their final volume.
