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EU may face economic shock comparable to COVID-19 impact — Politico

According to the report, a potential energy shortage and subsequent economic contagion could turn out to be more severe than the crisis of 2020

BRUSSELS, April 1. /TASS/. The European Union is preparing for a major economic shock comparable in its consequences to the COVID-19 pandemic amid a sharp rise in energy prices, Politico reported citing sources in EU institutions.

According to the publication, two key questions are currently on the agenda in Europe: how severe the energy crisis on the continent will become and how significant its consequences will be. There is currently a risk that the crisis could affect all sectors of industry, Politico noted.

One EU official told the publication that in Brussels there is a growing atmosphere reminiscent of the COVID-19 period. According to the official, a potential energy shortage and subsequent economic contagion could turn out to be more severe than the crisis of 2020.

According to sources, European Council President Antonio Costa is considering the possibility of convening an emergency summit of EU leaders.