Europe's energy woes are growing with each passing minute with EU leaders seemingly incapable of keeping up with the severity of the crisis. What they present as dire warnings have often already become reality for households and businesses drowning in the tumult of unsustainable hardship.
Yesterday, Alexander De Croo spoke of an imminent "war economy" unless immediate action can steer Belgium to less turbulent economic waters.
It isn't the first time that a war-time mentality has been evoked – the pandemic was filled with politicians summoning public solidarity in the face of a common enemy. Yet as seen during the health crisis, for all the invocations to unity and collective action, the disparity between nations and social classes is becoming more visible as the financial pressures grow.
For companies that have already fallen victim to inflation and the energy crisis, the Prime Minister's words probably seem detached from the gravity of the present situation. "We know it's bad, what are you going to do about it?" they might well ask.
Unfortunately, Belgium has so far provided limited assurances that it will be able to offer meaningful relief from the looming energy crunch. Last week's Consultative Committee succeeded only in highlighting the country's impotence to implement tangible support measures independent of the EU. But other Member States have stepped in with robust plans to provide assistance.
One of the main points of contention seems to be the reluctance of governments to impose levies on energy companies that have profited enormously from the soaring gas and electricity prices. Both at a national and EU level, this continues to be a topic that ministers skirt around, apparently reluctant to confront the issue head-on.
Belgium has yet to announce what is essentially a windfall tax on energy providers with the exception of Engie, which operates the country's nuclear reactors. In this case, the government hopes to recover around €700 million from the company's profits.
But with winter approaching and Russia tightening its chokehold on European gas supplies, will any eventual assistance be too little too late? Let @Orlando_tbt know.
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