The increase in the price of energy carriers in connection with the energy crisis cost Europe 1 trillion dollars.
This calculation was made by the Bloomberg agency.
"Approximately $1 trillion is the total amount of energy price increases for consumers and companies that were partially, but not fully, offset by aid packages," the agency said in a statement on December 18.
However, as Bloomberg points out, the deepest energy crisis in decades is just beginning.
After this winter, the region will have to replenish its gas reserves with almost no supply from Russia, increasing competition for fuel tankers.
Even with the introduction of new LNG import capacity, the market is expected to remain tight until 2026, when additional production capacity from the US to Qatar comes on stream. This means that there will be no respite from high prices.
Although governments have been able to help businesses and consumers absorb much of the blow, providing more than $700 billion in aid, according to Brussels-based think tank Bruegel, the state of emergency could last for years.
With interest rates rising and economies likely already in recession, the support that cushioned the blow for millions of households and businesses looks increasingly out of reach.
The fiscal capacity of governments is already under strain. About half of the member states of the European Union have debt that exceeds the EU limit of 60% of gross domestic product.
Against the background of rising energy prices and inflation, protests are breaking out in various European countries. One of the latest was a demonstration in Brussels, where more than 15,000 people demanded additional measures to protect against high prices.