Europe: The energy crisis in Europe has been getting worse with every passing day. The winters are already around the corner and no silver lining for the energy shortages in the continent has been so far visible. The limited energy resources have been forcing the Europeans to channel them into the vital purposes only, thus having to choose between warm rooms or food.
The citizens have resorted to limited ironing, use of ovens and least showering at work. Despite all these efforts, the energy bills have been really mounting up, making it tougher for the citizens to subsist. The maximum proportion of the income is being blown away on energy bills,as the data states.
The ongoing Ukraine-Russia conflict has become the major reason behind the upsurging energy and the cost-of-living crisis in the continent. Cutting down of Russian imports and gas supplies from Nord stream1 have driven Europe to the edge.
The incidents of people turning their fans off, despite suffering from intense heatwaves, have been so common now in Europe. As the winters approach, the energy crisis is expected to hit the Europeans far worse than how it has right now. The comforts of heated rooms might have to be given up in the cold winters this time.
Making things even worse is the all-time high rates of inflation in the country. The rising prices of food, and energy along with high costs of borrowing, have added to the troubles of the citizens. Individuals are now indulged in voluntary consumption cuts.
The benchmark European gas price upsurged by 550% within one year. The energy costs will also rise by 80% from October. Although the governments have offered aid and assistances, it hasn’t been making much difference to the scenarios.
