Energy crisis in Europe at a cost of 500 billion, increases in fuel and products and warnings of wider economic impacts.
At a time of intense uncertainty about the global energy market, Apostolos Tzitzikostas highlights the seriousness of the developments, describing an environment of extreme pressure already affecting prices and balances in fuel, energy and commodities. As he points out, the overall economic footprint of the crisis is estimated in hundreds of billions of euros, while its impact is not only limited to the energy sector, but is gradually spreading throughout the supply chain and the daily lives of citizens. At the same time, it makes clear that although there is no immediate shortage of aviation fuel in the European market, increased prices are the key pressure factor for aviation, creating new challenges for airlines and routes.
About the energy crisis, the European Commissioner for Sustainable Transport and Tourism, Apostolos Tzitzikostas, spoke on the main news programme of ANT1 and Nikos Hadjinikolaou.
The biggest energy crisis in history
“Right now according to our calculations 500 million is the cost of a crisis in this energy and it’s from the difference in prices that have resulted. It is the biggest energy crisis in history. In the first phase all kinds of oil, fuel, gas will be hit but in the next phase we will have problems in a number of products.”
When asked if there will be a shortage of gas fuel, he said that at the moment there is no such issue and there will not be in the near future.
“Europe produces 70% of aviation fuel. Of the remaining 30% which is imports, about 20% is from the Gulf side. Any flight or route cancellations that are happening right now are because of the high price of these fuels.”
