Rising energy costs could lead to mass impoverishment in EU

(MENAFN) According to a researcher at the University of Liege in Belgium, rising energy costs might cause widespread poverty in the European Union, he told the French news outlet Atlantico on Monday. There is little sign, Damien Ernst cautioned, that things are going to get better after this winter.

Professor Damien Ernst predicts that consumers in the European Union is going to fall behind on their energy expenses. The "perfect storm" that has developed in the energy markets, in his opinion, is anticipated to have a significant financial impact on both families and enterprises.

According to Ernst, the average home in Belgium is going to spend euro10,000 (USD10,000) on heating and electricity each year.

He added: “This will have economic consequences, especially for purchasing power, and lead to financial constraints." He went on to say that the energy crisis would be worse than the 2008 financial crisis and the oil shocks of the 1970s. "it will be impossible to control inflation," Ernst feared with such a spike in energy costs.

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