Economy and Living Standards Plummet across Europe

SHARE
TWEET
Economy and Living Standards Plummet across Europe

As Europe loses more economic power in the wake of the ongoing Ukraine war and its sanctions against Russia, living standards across the board are declining rapidly.

Countries like the U.K, France, and Germany continue to send funds to Ukraine, putting extra strain on its budget spending, as economies and living standards plummet.

Meanwhile, Britain’s energy prices are soaring as 60% of enterprises teeter on the verge of bankruptcy due to the inability to meet basic operational costs.

Analytical group Make UK reported that 13% of British factories were forced to reduce working hours, and 7%, while temporarily closing down.

Electricity bills have skyrocketed more than 100% compared to 2021.

It’s the same story in Germany.

According to the Leibniz Institute for Economic Research, the number of firms and individuals who went bankrupt in August jumped 26% compared to the same period in 2021.

Experts now predict that the number of bankruptcies will only increase. This is primarily due to the rise in energy prices affecting the cost of production processes.

Sacrifice on living standards

But it seems the sacrifice on living standards is nothing more than authorities continuing to exert pressure on Russia.

But are the sanctions against Russia working? We reported last month that Russia’s state-owned gas company posted record profits despite Western sanctions – so it appears Russia’s energy independence has shielded them from any major economic dents:

The company recently announced it has cut off gas deliveries to Europe via its major Nord Stream pipeline, leaving the EU in a panic about whether the supply will ever be returned.

According to a report by Der Spiegel, Gazprom posted a six-month profit of around 2.5 trillion rubles, roughly equivalent to $41 billion.

The current situation has caused a sharp rise in prices of energy resources, resulting in the energy bills of European households soaring. Goldman Sachs analysts predict that the cumulative cost will peak in early 2023, increasing by 2 trillion euros.

RELATED: Citizens Worldwide Rise Up Against Globalist Insanity – MEDIA SILENT

The plummeting liquidity of European products produced at rising energy prices is even more worrying. This has resulted in European products becoming uncompetitive on the world market, forcing prices higher.

Unemployment

Another consequence of mass production closures due to rising energy prices is unemployment.
European technology companies are already cutting the number of high-paying engineering positions.

German wind turbine manufacturer Siemens Gamesa recently announced its intention to reduce the number of employees to 1,500 people.

The chain reaction of unemployment will effectively hit living standards.

Dutch Prime Minister Mark Rutte said, “You can’t help everyone, so we in the West will be a bit poorer because of the high inflation, the high energy costs.”

But besides the energy crisis and soaring inflation, there is also the migrant influx into European countries. Just last year, 1.3 million people entered European countries – this year, it’s on track for 1.8 million people.

Meanwhile, over 10 million people left Ukraine for Europe since the end of February – of these, 6 million people remain, while 3.7 million have already received refugee status.

The cost per such migrant is 7,000 euros annually, and even without Ukrainians, Germany alone spends 25 to 55 billion euros annually on refugee aid.

Even without the energy crisis, these enormous expenditures are enough for the inevitable drop in living standards.

NOTICE: Our comment section is currently disabled due to malicious attacks preventing our readers being able to comment properly. We are in the process are implementing a new system which will be live soon! Sorry for any inconvenience!

SHARE
TWEET
Telegram
Email
Reddit
Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
James
James
1 year ago

War in Europe for the first time in 70 years.
Eiuropean Energy Crisis
Rampant WorldWide Inflation

… suddenly Trump should be looking pretty good to Europeans and Americans alike … the Whole World for that matter

Breaking

Trending

Democrats Arrested for Election Fraud After Abusing Absentee Ballot System
Democrats Arrested for Election Fraud After Abusing Absentee Ballot System
Four Democrats in Connecticut are facing election fraud charges after they allegedly abused the absentee...
Jack Black Roasted after Endorsing Joe Biden: 'How Much Are They Paying You?'
Jack Black Roasted after Endorsing Joe Biden: 'How Much Are They Paying You?'
Actor Jack Black is receiving blowback after continuing to double down on his endorsement of Joe Biden,...
Nurse Who Exposed Illegal Kids Gender Program Gets Intimidating Visit from FBI Agents
Nurse Who Exposed Illegal Kids Gender Program Gets Intimidating Visit from FBI Agents
A nurse who helped expose an illegal gender program at a Children’s Hospital in Texas was captured...
Former Democrat Mayor of Detroit Endorses Trump: 'I Can Never Thank Him Enough for What He's Done for Me'
Former Democrat Mayor of Detroit Endorses Trump: 'I Can Never Thank Him Enough for What He's Done for Me'
Kwame Kilpatrick, the former Detroit Democratic Mayor and former Obama supporter, broke ranks on Saturday...
'Woke' School APOLOGIZES for Telling Children ISIS is a Terrorist Group
'Woke' School APOLOGIZES for Telling Children ISIS is a Terrorist Group
A middle school in New Jersey has been forced to apologize for teaching its pupils that terrorist group...
Biden Visibly Struggles Mid-Speech While Announcing Mass Amnesty
Biden Visibly Struggles Mid-Speech While Announcing Mass Amnesty
President Joe Biden experienced another noticeable malfunction while introducing a new executive action...
Top Obama Fundraiser Ditches Democrats, Backs Trump
Top Obama Fundraiser Ditches Democrats, Backs Trump
A former major fundraiser for former president Barack Obama, who raked in millions for his campaign,...
Another Electric Vehicle Startup Goes Bankrupt, Joins 3 Others in Failed Green Effort
Another Electric Vehicle Startup Goes Bankrupt, Joins 3 Others in Failed Green Effort
Electric vehicle (EV) maker Fisker filed for bankruptcy on Monday after imploding due to its rapid cash...
Biden Hires Anti-Police, Anti-ICE Cross-Dresser as White House Communications Director
Biden Hires Anti-Police, Anti-ICE Cross-Dresser as White House Communications Director
The Biden administration has hired a former Interior Department communications director with a colorful...
LinkedIn Founder Reid Hoffman Terrified Trump Will Come After Him If He Wins Election: 'I'm Concerned'
LinkedIn Founder Reid Hoffman Terrified Trump Will Come After Him If He Wins Election: 'I'm Concerned'
LinkedIn co-founder and major Democrat donor, Reid Hoffman, voiced fears over the prospect of former...
1
0
What are your thoughts? Click to commentx
()
x

JOIN THE FIGHT!

SIGN UP FOR OUR FREE BREAKING NEWSLETTER STRAIGHT TO YOUR INBOX! 

We don’t spam! Read our Privacy Policy for more info.