EU citizens face mass poverty

Rising energy prices could lead to mass impoverishment in the EU, a professor at the University of Liege in Belgium told French news site Atlantico on Monday. Damien Ernst warned that there are no signs that the situation will improve after this winter.

EU households will fall behind on their energy bills, says Professor Damien Ernst. According to him “the perfect storm” that has formed in the energy markets is expected to have a significant economic impact on households and businesses.

Ernst suggested that households in Belgium will pay an average of 10,000 euros ($10,000) a year for electricity and heating.

The energy crisis will be far worse than the 2008 financial crisis and the oil shocks of the 1970s, he said, adding: “This will have economic consequences, especially for purchasing power, and lead to financial bottlenecks.” With such an increase in energy prices “It will be impossible to control inflation” Seriously warned.

Electricity prices in Europe have continued to reach record highs, exacerbating the region’s energy crisis and fueling fears about access to power and heating when the weather begins to cool.