The pandemic and the inflation crisis have swallowed up billions in financing and aid money. But even now we are still paying off these crises. By the end of 2024, these costs will amount to around 78 billion euros. The climate bonus also puts a lot of pressure on the budget, despite the alleged financing via a carbon tax.
“The government opened the money floodgates in the wake of the corona pandemic and kept them open in the following years because of inflation and the war in Ukraine,” analyzes Hanno Lorenz, economist at the economically liberal think tank Agenda Austria. This means that the current government is handing over a large backpack of debts to the next. According to the Budget Council, the crisis costs will amount to another nine billion euros by 2027.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
