Experts said about the risk of the EU to spend €1.6 trillion as a result of the energy crisis

It is noted that the total amount of spending by EU countries to mitigate the energy crisis is likely to be € 1 - € 1.6 trillion.

“It is expected that in 2023 the governments of European countries will also continue the policy of manual management of the economy or will be forced to face a fall in GDP from 6.5 to 11.5%,” the study quotes TASS.

It is also reported that the crisis may cause an increase in the number of bankruptcies and a domino effect in the financial sector.

The Financial Times previously wrote that US shale oil and gas producers have warned Europe that they will not be able to increase energy production and increase supplies to the European Union.

At the same time, Norway refused to enter into long-term contracts for the supply of gas to the European Union at a fixed price in order to reduce the costs of consumers in European countries.

An expert in the field of political economy Ahmad Yasin, in an interview with RT, said that European countries have nothing to replace Russian gas with.