Italy reported a two-fold increase in energy import costs

According to the head of the Italian Ministry of Finance, in 2022 the country's energy import costs will increase from €43 billion to €100 billion, which is 3% of GDP

The cost of energy imports for Italy in 2022 will increase by €60 billion compared to 2021— This is 3% of the country's GDP. This was announced by the Minister of Economy and Finance of Italy, Daniele Franco, reports Reuters.

“For energy imports, we are moving from €43bn in 2021 to €100bn, which this figure could reach in 2022. An increase of €60 billion means 3% of GDP, an outflow of Italian resources abroad, which nullifies the surplus that we have accumulated in recent years,— he said.

According to the minister, in 2021, Italy imported three-quarters of the required energy resources. At the same time, at the beginning of the year, Italy imported 40% of its gas from Russia, but in July this figure dropped to 25%. Thus, Italy has overtaken Germany in terms of reducing its dependence on Russian gas.

In Europe, against the backdrop of rising gas prices, the energy crisis is growing. At the end of July, the EU countries reached a “political agreement” on a voluntary reduction in gas consumption by 15% until the end of March 2023, in connection with which some states have introduced a special regime in the energy sector to save fuel in cold weather.

Earlier, Claudio Descalzi, CEO of Italy's Eni, admitted that Italy would be able to survive the winter in the event of interruptions in Russian gas supplies. According to him, as of mid-June, Italian gas storage facilities were 54% full, but by October they should be 70–80% full.

On August 31, Eni reported that Gazprom reduced gas supplies to Italy from 27 million cubic meters. m up to 20 million cubic meters. m. Also, from September 2, Gazprom completely cut off supplies via Nord Stream 1, citing technical reasons.

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