$28 billion and counting: Europe tallies the cost of another energy crisis | CNN Business

The European Union has unveiled a raft of planned emergency measures to cushion its economy from soaring energy costs. The proposals, announced Wednesday, underscore the economic damage the Iran war is inflicting on Europe, which only recently emerged from the energy crunch precipitated by Russia’s 2022 invasion of Ukraine. Some industries are already fighting for survival. “For the second time in less than five years, Europeans are paying the price of Europe’s dependency on imported fossil fuels,” the European Commission, the EU’s executive arm, said in a statement detailing the measures. The bloc has spent an additional €24 billion ($28 billion) on energy imports since the start of the war due to higher prices – or more than $587 million a day – “without receiving a single extra molecule of energy,” it added. The plans include the establishment of a pan-European body to swiftly identify potential shortages of jet fuel and diesel, and to coordinate sharing of fuel or any emergency stockpile releases by EU member states. The International Energy Agency and airports industry group ACI Europe have both warned that Europe, which imports around 70% of its jet fuel s