European countries spend Ksh.58.2 trillion to tackle energy crisis

European countries have allocated nearly Ksh.58.2 trillion (500 billion euros) to tackle the energy crisis since last September in order to cushion the impact of the rising gas and electricity prices on households and businesses, according to a research by Brussels-based think tank Bruegel.

The figure was based on analysis by Bruegel which estimates that the U.K. has earmarked Ksh.20.7 trillion (178 billion euros) while European Union nations have allocated Ksh.36.5 trillion (314 billion euros) in the past 12 months from Sept 2021 to Sept 2022.

Germany, the biggest spender among the 27 EU countries, set aside Ksh.11.6 trillion (100 billion euros), which was followed by Italy with Ksh.6.8 trillion (59.2 billion euros).

The costs were largely seen in measures to ease burden on households and businesses after the Russia-Ukraine conflict broke out, such as providing subsidies for consumers and support for energy companies.

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