Europe’s Energy Crisis Could Last for Years
This winter will be bad, but next year’s could be worse.
Europe is facing a generational energy crisis as it heads into winter. A shortfall of 150 billion cubic meters of gas—gas that Russian won’t be delivering to Europe this year because of its war in Ukraine—has left Europe scrambling to find alternatives and contain the fallout. Gas prices in Europe are now about eight times the average of the past 10 years—and about eight times more expensive than prices in the United States. Governments are appealing to the public to reduce their gas usage while also trying to ensure consumers and businesses can afford to pay their gas and electricity bills at all—all the while preparing for the worst-case scenarios, ranging from periodic blackouts to cascades of industrial bankruptcies.
Cameron Abadi is a deputy editor at Foreign Policy. Twitter: @CameronAbadi
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