Europe is in huge trouble now as it faces an energy crisis with Russia cutting off its gas supply to the EU. They might have to face major blackouts and use the remaining energy much more judiciously. This will also further elevate the prices, which are already taking a toll on the pockets of common people. A survey by the General Confederation of Greek Workers shows that 7 out of 10 people are purchasing less food to pay for the rising costs of energy.
Russia blocks Europe’s gas supply
As the Russia-Ukraine war continues and the US and EU impose sanctions on Russia, they are also not backing down. Since Europe was heavily dependent on Russia for gas supplies, now the same has been choked. This is a countermove that is going to affect the EU and G7 countries quite a lot. This is also the reason many authorities from the EU have been urging to put a price cap on energy prices that has recently been removed.
The survey we talked about also said that 20% of people have been spending “much less” on food while 51% were spending “less” just to be able to pay their energy bills. This is regarding the basic food items, which shows that people are unable to meet their basic needs. The participants of the survey also believe that the upcoming winter is going to be difficult with rising prices and low supply. People are not even sure if they can continue to pay such high costs in the future.
Hungary’s PM on Europe
Viktor Orban, the prime minister of Hungary said that Europe would soon be dealing with a recession as inflation tops off the chart in July. All it is boiling down to is the low energy supply, high demand, and higher prices. It is expected by the end of January 2023, the prices of energy will have doubled from current rates.
Do note that not all countries are facing this situation. For example, Victor says that Hungary doesn’t have an energy shortage despite it being a part of the EU. So, they will be doing just fine.
What are your thoughts as Europe faces an energy crisis with Russia cutting off its gas supply? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
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