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EU could lose 1.3 million jobs due to energy price surge linked to Iran war, Commission says
Energy-intensive industries and automakers face the biggest risk as the European Commission says rising prices and competition are squeezing competitiveness.
- On Wednesday, Labour Commissioner Roxana Minzatu warned that the European Union faces losing up to 1.3 million jobs this year due to the Iran war's economic fallout and rising global competition.
- The conflict involving Iran triggered a surge in energy prices, leaving the European Union struggling to keep pace with the United States and China in an increasingly competitive global market.
- Estimates from the European Commission show the automotive sector faces up to 600,000 layoffs, with an additional 56,000 jobs at risk across construction, metals, chemicals, and transport sectors.
- Low-Income households could spend an additional 1.4% of income on transport fuel, while industry experts characterize the expected 600,000 automotive layoffs as "bad" for social stability.
- The European Commission is expected to issue recommendations on how countries should improve their economies and labor markets as the latest figures illustrate the bloc's mounting economic woes.
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28 Articles
28 Articles
The European Commission warns that EU countries risk massive job losses in the coming years, as high energy costs, industrial restructuring and green transition affect the economy, reports POLITICAL.
·Romania
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The European energy crisis threatens industrial employment. Up to 1.3 million jobs could disappear, including 600,000 in the automobile industry, as a result of the conflict in the Middle East and the oil surge.
Since the Russian attack on Ukraine in 2022, European companies have borne significantly higher energy costs – with noticeable consequences for the labour market.
·Vienna, Austria
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Total News Sources28
Leaning Left3Leaning Right4Center3Last UpdatedBias Distribution40% Right
Bias Distribution
- 40% of the sources lean Right
40% Right
L 30%
C 30%
R 40%
Factuality
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