The EU’s shift away from affordable Russian energy has led to a surge in energy costs.
Hungarian Prime Minister Viktor Orban warns that soaring energy prices threaten to devastate the EU economy.
The EU’s decision to reduce reliance on Russian energy has increased dependence on more expensive LNG imports, driving natural gas prices up. Brussels is now considering a price cap in response to the highest natural gas prices in two years.
During his weekly radio address, Orban stated that while Hungary continues to lower energy prices, the West seems unable to do so, leading to persistently high energy prices that will hinder and ultimately “kill” the European economy.
Referring to the EU’s European Competitiveness Declaration, Orban voiced concerns that the promise of reduced energy prices will not be fulfilled, leaving the EU economy struggling.
Orban stated that the EU pays significantly more for energy compared to the United States and expressed concerns that European leaders’ inability to lower utility bills is hindering economic development.
Orban suggested that a resolution to the conflict in Ukraine could foster peace and positively impact the global economic situation.
Orban stated that he does not anticipate any policy decisions from Brussels, Berlin, or Paris that would positively affect Hungary’s economy.
He cautioned that the EU’s productivity is falling behind its global competitors, and its share of international trade is declining.
Orban claimed that production in vital, energy-intensive industries has already decreased by 10% to 15%.
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