The Impact of the War on Europe's Energy Market

Europe was spending about 12% of its GDP compared to before the war around two or three percent of its GDP on energy. And when you added a dollar across the countries in Europe, it came up to more than 800 billion euros of subsidies,. largely towards fossil fuel because that's just the structure of the energy market. If you add up all of the congressional spending from the IRA, that amounts to 40 billion dollars a year or about 400 billion dollars for the decade.