THE DAILY ENCRYPT

October 4, 2022

Europe’s Energy Has Gone to Zero Says Prime Minister of Hungary

According to several reports, Europe is in trouble and trying to control an energy crisis....
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Photo by Christian Lue

According to several reports, Europe is in trouble and trying to control an energy crisis. These reports suggest that the eurozone may have to deal with a cold season that could cause energy rationing or blackouts. 

Europe has been pushed into an economic tailwind by rising energy costs. Most of Europe’s problems are due to the Ukraine-Russia conflict. Russia has cut off energy supplies to the 27-member countries of the Economic and Political Union. Recently, the European Union’s finance ministers and G7 pledged that they would impose price caps on electricity or crude oil. On Wednesday, Russian President Vladimir Putin stated that Russia would not supply oil, gas, or heating oil to the West.

Europe is facing an energy crisis that has led to energy rationing concepts as well as reports warning of possible gas shortages in Europe until at least 2025. A recent survey by the General Confederation of Greek Workers, (GSEE), shows that Greeks are eating less because of rising energy prices. 20% of GSEE survey respondents said that they spend less on basic food, while 51% stated that they spend less on basic food because of rising energy prices.

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The survey shows that the Greek economy and society are now facing an unprecedented wave of price rises and revaluation for basic goods. Stagnant incomes also threaten many households and social groups’ purchasing power. 47% of GSEE survey respondents said that they expected a “difficult Winter” to come. One in five Greek respondents said that they may not be able pay the energy bills this winter.

Viktor Orban, Hungary’s prime Minister, predicted that Europe would face a recession due to the region’s raging inflation in July. Orban stated that Europe is running out of energy in a Facebook post posted on Saturday. Orban blamed Europe’s energy problems on the “fundamentalist greens” and “the bureaucrats”. Orban observed that “if we want to get to the root of the problem, we always end in the same place: The question of energy.” The premier of Hungary added:

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The reality is that Europe has run out energy.

Hungary is an EU member along with Sweden, Portugal and Slovakia, Slovenia. Spain, Luxembourg. Malta, Netherlands. Poland, Austria. Belgium. Bulgaria. Republic of Cyprus. Czech Republic. Denmark. Estonia. Finland. France. Germany. Greece. Ireland. It. Latvia. Orban stated that Hungary would be fine, despite Europe’s energy shortage.

“What can Hungary do to help in this situation?” Orban stated that Hungary and Hungary will do whatever is necessary for the homeland. We won’t have an energy shortage. This is not a prediction. It is a fact. There will be enough electricity and gas in Hungary

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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