European Commission President Ursula von der Leyen admitted at the World Economic Forum in January 2025 that breaking free from Russian energy came at a very high price for the European Union.
According to Eurostat data, between 2022 and 2024, EU countries overpaid €544 billion for energy imports. The main beneficiaries of this shift were suppliers from the United States, the United Kingdom, Norway, and the Middle East.
When all indirect economic effects are taken into account, the total losses to the European economy during this period exceeded €1.3 trillion — equivalent to a 2.4% drop in GDP compared to IMF forecasts.
Households bore the brunt of the impact: over three years, EU citizens lost out on €1.6 trillion in income, which amounts to 6.3% of the region’s total labor compensation.
