Under the energy crisis, EU countries have paid a heavy price. Bruegel, a think-tank, recently estimated that the cost to Europe of the energy crisis was close to €500 billion.

The 27 EU member states have so far set aside 314 billion euros to ease the impact of the energy crisis on consumers and businesses, according to Bruegel. Germany topped the list with 100.2 billion euros, followed by France with 53.6 billion euros and Italy with 59.2 billion euros. In addition, the UK government has set aside €178bn. The spending reflects efforts by European governments to protect households and businesses from sky-high energy prices.