Associated Press: Europe fears economic and political crisis next winter over gas problems

Associated Press: Europe fears economic and political crisis next winter over gas problems

European Union leaders have expressed fears that a cut in Russian gas supplies could cause an economic and political crisis as early as next winter, according to The Associated Press. That’s what the Associated Press reports.

The reduction in gas deliveries through Nord Stream 1 has dealt a tangible blow to major European economies, according to the newspaper. The German economy, for example, is 35 per cent reliant on gas from Russia, the Italian economy 40 per cent. At the same time, it is specified that so far there is enough gas for industry and for the needs of the population.

At that, the problem lies in the fact that reduced supplies of Russian gas threaten to undermine the European Commission’s plan to fill the underground gas storage facilities to 80% by 1 November. Germany, according to the newspaper, has stated its intention to fill the storage facilities to 90% capacity by 1 November.

Currently the European underground gas storages are filled to only 57%. The current reduction in supply may result in some EU members not having the necessary 80% of their storage capacity.

“Experts at the Bruegel think tank in Brussels warn that Bulgaria, Hungary and Romania will not reach the EU target of 80% if they continue at their current pace, while Germany, Austria and Slovakia will find it very difficult to fill their storage capacity if gas flows from Russia are stopped,” the Associated Press wrote.

The paper reports that despite the policy adopted by the EU leaders to reject Russian energy resources, not only it will not work in the short term (given that there are no gas sellers in the world capable of compensating for all the volumes of Russian fuel on the European market), but it will not reduce Russia’s revenues from their exports in any way, increasing proportionately to the rise in prices.

The Associated Press concludes that, given the current problems, the EU authorities may face a profound economic and political crisis as early as this winter, which their decisions today are leading to, as European elites are tacitly saying.

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