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Europe’s Deepening Energy Crisis Pushes Bill to $500 Billion

  • Government spending to soften blow set to rise, Bruegel says
  • EU risks deepening economic divergencies among members

The bill for Europe’s energy crisis is nearing 500 billion euros ($496 billion) as governments rush to soften the blow of soaring prices, according to the Bruegel think-tank.

The European Union’s 27 member states have so far earmarked 314 billion euros to cushion the impact of the energy crunch on consumers and businesses, while the U.K. has allocated 178 billion euros, Bruegel’s updated estimates showed on Wednesday.