The shock triggered by Vladimir Putin's gas blackmail in 2021 and the invasion of Ukraine cost Europe 600 billion euros.
85% confidence
EconomyEuropean Union
Omissions
The 600 billion euro figure from the IMF refers to government funds 'earmarked' for energy support measures (subsidies to shield consumers), not total economic cost. The Eurostat figure refers specifically to additional fossil energy import costs in 2022-2024 compared to 2021 levels.
The speaker does not specify what the 600 billion euros represents (government spending vs. import costs vs. total economic impact).
The IMF data covers the period September 2021 to March 2023, while the Eurostat data covers 2022-2024.
Sources
PrimaryInternational Monetary Fund (IMF)From the start of the energy crisis in September 2021 and March 2023, over EUR 600 billion was earmarked across the EU to shield consumers from rising energy prices.
SecondaryHungarian Institute of International Affairs (HIIA)The official Eurostat analysis estimates the additional costs of fossil energy imports in 2022-2024 at about €600 billion compared to 2021 levels.