24 Hrs
Source:
Sky News
Europe balances industry protection and reliance risks
Europe has experienced a shift in its reliance on government support, with subsidies becoming an almost permanent part of economic policies across many sectors, especially due to the repercussions of recent crises such as the COVID-19 pandemic, the war in Ukraine, and rising energy costs. In 2024, the European Union countries spent approximately 168 billion euros on subsidies, with increased support for vital industries and energy, aimed at enhancing competitiveness in the face of the United States and China. However, this raises concerns about the ongoing dependence on support, as well as its impact on economic sustainability and competitive balance within the bloc.
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