The Impact of the European Gas Supply on the Economy

Last year, Europe found itself in the perfect energy storm because half of the nuclear fleet in France was shut down for maintenance works. Extreme routes in Spain, Italy and France during the summer brought down either power production or gas supplies from Russia. If we took a pipeline in between September 2021 and April 2023, the decrease was by 81%. And the EU dependency from Russian gas passed from 46% to 14% in this time period. By summer 2022, at the peak of energy prices, industrial employment in the EU had actually increased both in terms of people employed and how was worked compared to the same period last year.