Dusseldorf After Russia’s attack on Ukraine, the energy crisis began in Germany at the beginning of last year. The rise in oil and gas prices has hit much of the economy and slowed economic growth.
The Leibniz Institute for Economic Research (RWI) expects growth of just 1.8 percent for 2022. “Due to the lack of economic growth, we have to digest an economic loss of 169 billion euros,” reports capital city correspondent Martin Greive in the current episode of Handelsblatt Today.
But more has been lost due to the crisis. According to a calculation by the Handelsblatt, the costs of energy imports that have arisen and will arise as a result of the conflict amount to 110 billion euros. Added to this is a real wage loss of 74 billion euros due to historically high inflation.
The federal government wants to cushion this with a series of financial relief for citizens and companies. In an interview with Lena Jesberg, Greive draws a conclusion: “This crisis has made us all poorer.” The Handelsblatt editor is certain that the energy crisis will ultimately be more expensive for Germany than the corona pandemic.
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More: How much loss of prosperity the crisis is costing Germany
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