Von der Leyen: 10 Days of War Cost Europeans €3 Billion Extra in Energy Bills, Inflation Warning Issued

On March 11, 2026, European Commission President Ursula von der Leyen revealed in a European Parliament speech that just ten days of conflict in the Middle East have already cost European taxpayers an additional €3 billion in fossil fuel imports, with gas prices rising 50% and oil prices 27% since the conflict began, highlighting Europe's vulnerability due to its dependence on imported fossil fuels.

Meanwhile, EU Trade Commissioner Valdis Dombrovskis warned EU finance ministers this week that if Brent crude remains around $100 per barrel, eurozone inflation could exceed 3% in 2026 and economic growth could be up to 0.4 percentage points lower than the 1.4% forecast late last year. In response to soaring energy prices, the European Commission is considering relaxing carbon quota supply rules and expanding state aid allowances, with options to be presented at the March 19 EU leaders' summit.