European Union concerned: Iran-US war could continue to cause damage in the coming years

The European Union has warned that the crises created by the ongoing conflict between Iran and the US-Israel could continue to affect the European economy and energy markets for many years to come.

''THE CONSEQUENCES OF THE WAR COULD LAST FOR MONTHS, EVEN YEARS''

European Commission President Ursula von der Leyen, in her speech at the European Parliament, pointed out that the repercussions of the war could challenge Europe in the long term, stating, "There is also a bitter reality that we all have to face: the repercussions of this conflict could last for months, or even years."

Due to the recent war, Europe is facing serious difficulties in energy and supply areas. In particular, Iran's closure of the Strait of Hormuz to commercial shipping has put pressure on oil and natural gas supplies. This situation has brought with it concerns of shortages in many essential products, especially jet fuel and fertilizer.

According to the information provided by von der Leyen, following the conflicts that began at the end of February, EU countries have had to spend 27 billion euros (approximately 31.6 billion dollars) more on fossil fuel imports compared to last year. Calculations by the think tank Bruegel show that more than 10 billion euros have been allocated so far to protect consumers and firms in Europe from rising energy costs.

Last week, the European Commission had brought its first package of measures against the energy crisis to the agenda. However, union leaders pushed for more decisive and comprehensive steps at the summit held last Friday. According to information reported regarding the summit, some EU officials advocate for a phased support application, while others demand that much more comprehensive measures be implemented rapidly.

News Source: 12punto