Germany’s new package to curb rising energy costs
Germany has unveiled a €65 billion (£56.2 billion) package of measures in an effort to lessen the prospect of rising energy prices as Europe struggles with limited supplies in the wake of Russia’s invasion of Ukraine.
The package, which is substantially larger than the two before it, will include one-time payments to the most vulnerable people and tax benefits for companies that use a lot of energy.
Since the invasion in February, energy costs have skyrocketed, and Europe is attempting to wean itself off of Russian energy. Ukraine encouraged Europe to maintain its resolve.
Russia is attempting to disrupt every European citizen’s ability to lead a normal life, according to President Volodymyr Zelensky.
On Saturday, he stated in his speech that Russia was preparing a “decisive energy attack on all Europeans” and that only cooperation among European nations would provide safety. His wife added, “if support for Ukraine was strong the crisis would be stronger”.
Officials from the European Union have cautioned that there would likely be a breaking point in the coming months when nations begin to experience severe economic suffering while still being asked to support the military and humanitarian operation in Ukraine.
There are already hints of unhappiness, with demonstrators marching to the streets of Prague, the capital of the Czech Republic, on Sunday to demonstrate against rising energy prices and demand the lifting of sanctions against Russia. According to police, there were roughly 70,000 attendees, primarily from far-right and far-left organisations.
Meanwhile, several hundred demonstrators gathered in Lubmin, the Russian gas pipeline’s terminal in northeastern Germany. They demanded that Nord Stream 2, a new pipeline that was set to be put into operation but was stopped by the German government during the invasion, be put into service.
Russia announced two days ago that it would permanently halt gas deliveries to Germany via the Nord Stream 1 pipeline, which is currently in use.
Germany’s stores have gotten more filled since June, when they were less than half full due to the standoff with Russia, and are now 84% full.
Olaf Scholz, the chancellor of Germany, assured reporters that his country will survive the winter but said that “Russia was no longer a reliable energy partner.”
Germany’s new package to curb rising energy costs
He further declared that the government will give one-time payments to students, retirees, and recipients of welfare. Also that, energy bill caps would also be implemented.
