The European Union is gearing up to introduce a comprehensive package of measures for its member states to cope with the repercussions of the US-Israel conflict with Iran, as energy markets are expected to remain volatile for an extended period, according to EU Energy Commissioner Dan Jorgensen.
“In monetary terms, 30 days of conflict have already added 14 billion euros to the European Union’s fossil fuel import bill,” Jorgensen informed reporters in Brussels.
“Even if a ceasefire were to be established immediately, the situation would not return to normal. The war has severely damaged the energy infrastructure in the region and continues to do so,” he stated.
The upcoming EU package will include proposals to lower tax rates for electricity and grid tariffs, the commissioner noted.
“We are also preparing various alternatives and options that resemble those implemented during the crisis in 2022,” he said.
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