STRASBOURG – Von der Leyen: The War in Iran Has Cost the EU an Extra 90 Billion Euros in Fuel

STRASBOURG, September 16 (ATSH-DPA) – Since the start of the war in Iran in late February, the European Union has spent about 90 billion euros extra (103.9 billion dollars) on fossil fuel imports, European Commission President Ursula von der Leyen said.

According to her, restrictions on maritime transport through the Strait of Hormuz have shown once again how costly Europe’s dependence on imported fuels is.

Speaking in the European Parliament in Strasbourg, von der Leyen called for increasing clean energy production within Europe. According to her, more domestic energy would help the EU reduce its dependence on imports and cut costs.

The European Commission aims to double the share of electricity produced from domestic sources by 2040.

According to Commission estimates, achieving this goal could save Europe up to 260 billion euros a year in fossil fuel import costs by then.

However, to fully benefit from energy produced in Europe, further investment is needed.

Von der Leyen stressed the need to accelerate grid connections, expand energy storage capacity and increase investment.

The statement comes at a time when energy security has once again become an important issue for Europe, as disruptions or restrictions on one of the world’s main oil and gas transport routes could significantly affect energy costs.