Habeck: Energy crisis costs the economy 60 billion euros - economy

Because of the high energy prices, the economy is suffering badly this year, next year it could be even worse. As a solution, Habeck is pushing for massive investments in renewable energies.

Federal Economics Minister Robert Habeck (Greens) expects major losses for the German economy in the current energy crisis. Because of the purchase of energy from sources other than the previous ones, the German economy will lose almost 60 billion euros this year, said Habeck on Thursday at the climate congress of the Federation of German Industries (BDI) in Berlin. In the coming year, there could be a loss of almost 100 billion euros, mainly due to the lack of Russian energy. According to Habeck, "calculated over the years", that would correspond to two percent of gross domestic product.

Habeck spoke of large sums of money that would flow out "because we have to buy more energy". This money is missing everywhere. "In the various sectors, in substance, in the German economy. That is the macroeconomic situation," said Habeck. "The crisis was triggered by the loss of large amounts of energy that were actually planned as safe." In addition to the supply of gas from Russia, this also includes nuclear power from France. About two-thirds of France's nuclear reactors are down, Habeck said. Currently, just 28 of 56 French nuclear power plants are connected to the grid.

According to Habeck, in its most recent stress test for the power supply in Germany, Germany assumed that 50 gigawatts of power could be generated again by French nuclear power plants by Christmas. The assumption was based on communication with the relevant authorities in the neighboring country. However, a recent stress test in France resulted in a realistic scenario of only 45 gigawatts, said Habeck. These are probably also the “best case scenarios”. The use of alternative energies is driving up prices.

In times like this, it is important to maintain German industry's ability to invest, said Habeck. Investing in the future must not flag. "Masses of renewable energies are needed," said Habeck. "We need entrepreneurial models for future climate protection." The Greens politician praised the BDI's approach of committing to Germany's climate goals despite the energy crisis. "What a strong statement at this time!" he said. That encourages and gives orientation, said Habeck.

BDI President Siegfried Russwurm had previously confirmed that German companies want to stick to the climate targets for 2030 and 2045 despite the energy crisis. The BDI boss warned that the pause button should not be pressed in climate policy. "Even if the energy crisis is so serious that in the coming weeks nothing will be less important than ensuring the survival of industry in Germany and Europe: climate protection must remain a high priority," affirmed Russwurm. However, Russwurm warned that there should be no "business as usual" in energy and climate policy.

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