Energy crisis costs Europe €500 million a day: Cyprus also feels the consequences

The European Union is losing about 500 million euros daily amid the ongoing conflict in the Middle East. This was stated by European Commission President Ursula von der Leyen, who emphasized that rising oil and gas prices have already led to a sharp increase in fuel import costs.

According to her, in just 60 days, additional EU spending exceeded 27 billion euros, while supply volumes did not increase. The main reason remains instability in the Persian Gulf region and risks to shipping through the Strait of Hormuz — one of the key routes for global oil and gas supplies.

Further tension is created by a possible scenario of a naval blockade of Iran, which could further restrict global energy supplies. Against this background, the European Commission insists on accelerating the energy transition, including the development of renewable energy sources and reducing dependence on fossil fuel imports.

Cyprus, as part of the EU and an island economy, is particularly sensitive to such changes. It is estimated that the country could be losing around 1–1.5 million euros daily due to rising energy prices. This is reflected in the cost of electricity, fuel, transport, and ultimately, prices for consumers.

Experts warn that if the current situation persists, pressure on the Cypriot economy will increase, and accelerating the transition to alternative energy becomes a key factor in reducing risks and ensuring future stability.