Experts warn that rising energy prices will also have devastating effects in Italy. Citing a FAZ article, Christian Kern speaks in a new tweet 120,000 companies and 370,000 jobs that are on the brink of collapse in Austria’s southern neighbor “shouldn’t the problem of high energy prices be solved immediately”.
The gastronomy and small and medium-sized businesses are particularly affected. And. “This will not remain an isolated case in Europe unless a solution is found very soon.”
Since June, Kern has been warning of a “tsunami” that is rolling towards Europe with the energy crisis. Above all, he calls for interventions in pricing. At the end of August he added: “To still believe that you can continue without massive interventions in the energy market is like the Titanic changing destination from New York to Rio after colliding with the iceberg.” The EU Commission also needed six months to recognize this and thus lost valuable time: “The implosion of the energy market happened at the start.”
Kern’s comments have garnered a lot of public attention. However, the former chancellor and head of the SPÖ emphatically assures that he is not thinking of returning to politics. After all, he is now advising SPÖ federal chairwoman Pamela Rendi-Wagner.
In fact, the situation is serious, for Austria and for all of Europe. No national economy can survive the massive surge in electricity, heating and fuel prices that the continent is likely to face in the coming year. Should the current trends on the stock exchanges solidify, energy costs in Austria alone are likely to rise to 90 to 100 billion euros (excluding fees and taxes). Before the crisis it was 14 billion.
But whether in Austria or in Europe: A solution is not in sight. One waits in vain for massive expansion plans in the energy sector. At least one thing is certain: without a plan, Europe will slide into chaos.