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Europe’s energy commissioner, Dan Jørgensen, revealed the true effects of the conflict and its implications on European consumers’ finances following a presentation.highly awaited set of actionstargeted at reducing the economic effects of the Iran conflict throughout Europe.

“We are currently facing a very serious crisis,” Jørgensen said to Euronews during the presentation, which took place alongside Executive Vice-President for a Clean, Just and Competitive Transition, Teresa Ribera.

I must be quite straightforward and state that we are facing some very challenging months and even years, as rebuilding the gas infrastructure in Qatar, for example, could take several years, even if peace is achieved tomorrow,” he said, further noting, “Prices will not return to their previous levels during this crisis.

The Middle East has experienced two months of instability, leading to an extra €24 billion in energy expenses for the region, amounting to a staggering €5 million daily, as reported by the European Commission.

To ease the impact, the EU executive announced on Wednesday a set of measures designed to assist European citizens, companies, and industries.

The European Commission is calling on EU nations to offer energy vouchers, financial assistance, and social pricing to aid disadvantaged Europeans amid what has been referred to asthe most severe energy crisis in the world.

The suggestion did not involve any measures requiring EU countries to promote a one-day remote work policy or impose taxes on unexpected gains — profits that businesses achieve because of unforeseen situations.

“A windfall tax is definitely an option that member states can decide to implement at the national level, and if they opt for it, we will also assist in facilitating and providing guidance, based on some of the experiences, both positive and negative, from 2022,” Jørgensen stated.

EU’s €90 billion loan to Ukraine moves closer to becoming a reality

Ukrainian President Volodymyr Zelenskyy stated on Tuesday that theThe Druzhba oil pipeline in the war-affected country has been restored.and may restart operations very soon.

The statement concluded months of ongoing negotiations between the former Hungarian Prime Minister Viktor Orbán and European Union officials about Kyiv’s €90 billion aid package.

Orbán has consistently obstructed the flow of funds because of the damaged energy systems, claiming that it was unable to transport Russian oil through Ukraine due to “political” factors.

Commissioner Jørgensen mentioned to Euronews’ Europe Today show that he wished the situation could be settled “as soon as possible” allowing the country to keep resisting Russian aggression, which is now in its fifth year.

“In my personal portfolio, I can state that collaborating with Ukraine to assist in reconstructing the energy sector is deeply distressing, as the Russians are viciously attacking Ukraine’s energy infrastructure,” he mentioned.

They have done this during the extremely cold winter. People have been suffering from the cold, without electricity, and it’s clearly a costly process to restore.