Former head of Wifo and current chairman of the Supervisory Board, Christoph Badelt, expects an EU embargo on Russian gas to cause serious economic upheavals in Austria. “In this case, we may face a crisis the extent of which we cannot even imagine,” Badelt said on the podcast of the newspaper “Die Presse”.
In the event of a disruption in Russian gas supplies, politicians should focus on preventing mass poverty caused by large-scale production losses. Support measures targeting underserved groups of people and businesses are then necessary, according to the former head of Wifo.
35 billion euros for energy imports
Since the Russian attack on Ukraine began on February 24, the EU has paid a total of 35 billion euros for energy imports from Russia, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said on Wednesday. fair before the European Parliament in Strasbourg.
The EU embargo on Russian gas that many have called for cannot be implemented because countries that rely heavily on Russian gas, such as Austria, reject it. Austria gets most of its gas from Russia. According to Eurostat estimates, 59% of the gas comes from Russia – national experts are currently talking about 80%. With its value slightly lower, Eurostat relies on estimates because Austria keeps accurate data on Russian gas imports under lock and key.
Brunner: “They are very dependent on gas”
“In addition to Germany, Hungary, Portugal and the Netherlands, for example, are quite cautious when it comes to a gas embargo,” Finance Minister Magnus Brunner told Standard (Thursday). He concludes this from statements made at this week’s meeting of EU finance ministers (Ecofin) in Luxembourg. “We are very dependent on gas, especially industry. If we run out of gas, industry and suppliers will suffer a lot, including the economy as a whole,” said Brunner.
For the finance minister, an EU embargo on Russian gas is not a realistic scenario. “It would be nothing worse than imposing a gas embargo – and a few weeks later we would realize that the effects on our economy were very dramatic,” says Brunner. “Our economy is even more dependent on gas than Germany’s. Theoretically, you could start coal again, you could start nuclear power,” said the finance minister.
Nehammer against active import ban
Chancellor Karl Nehammer (ÖVP) has also repeatedly rejected an active ban on Russian natural gas imports and recently described it as “unrealistic”. However, intensive work is being done to diversify natural gas imports, but above all to reduce this dependence through the expansion of sustainable energy production in Austria, the chancellor said on Tuesday at a meeting of the crisis cabinet at the Ministry. of Defense. (apa)