The crisis in the Middle East has been identified as a key factor slowing economic growth across the European Union, according to statements released on April 24 by Antonio Costa, head of the European Council. The remarks followed an informal summit held in Cyprus.
Costa stated that the conflict is “slowing down economic growth and directly affecting the lives of our citizens and companies.” He also noted that the European Commission had presented a set of emergency measures to address the consequences of the energy crisis in Europe.
Furthermore, Europe remains heavily dependent on fossil fuel imports. The current crisis marks the third major disruption in the past six years, following the COVID-19 pandemic and the 2022 energy crisis. As a result, EU countries have fewer resources to mitigate economic shocks.
