After energy prices rose in Europe, many governments introduced emergency measures for households and businesses. Many countries have cut taxes and paid aid. Some measures discussed only in Austria have already been implemented elsewhere.
An example is the special tax on “excess profits” by energy companies. These are profits that companies make arbitrarily and without effort, often making them feel unfair. While the SPÖ and the Greens in Austria are in favor of such a special tax, representatives of the ÖVP voiced their opposition. Across Europe, Bulgaria, Italy, Romania and Spain have already implemented this measure. It is also discussed in Germany and Slovenia.
Other measures include price regulation, tax breaks and aid payments. For example, Belgium, Bulgaria, Estonia, France, Hungary, Poland, Portugal, Romania and Spain have decided to regulate energy prices.
Germany spends the most
In order to absorb the high energy prices, Germany spends the most money in the EU with 60.2 billion euros. This is followed by Italy (49.5 billion euros), France (44.7 billion euros) and Spain (27.3 billion euros). In Austria, state aid amounts to 9.1 billion euros. That is 2.3 percent of gross domestic product (GDP), which is still high in an EU comparison.
In terms of economic output, according to the Brussels think tank Bruegel, Austria is one of the countries with the most support. In this category, households and companies lead the way in Greece, followed by Lithuania, Italy, the Czech Republic and Spain, which, like Austria, stands at 2.3 percent.
Gas prices could rise by 60 percent
Meanwhile, the Russian state-owned company Gazprom warned on Tuesday that gas prices could rise sharply in the winter. These can increase by 60 percent per 1000 cubic meters. Ukraine has closed one of Gazprom’s routes for deliveries to Europe and the company itself has reduced its capacity to Germany by about 20 percent.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
