Italian Households, Companies to Lose $83.8 Billion Over Rising Electricity Prices, Union Says

MOSCOW (Sputnik) - Italian households and companies are losing additionally 82.6 billion euros ($83.8 billion) over the rising electricity and gas prices, a study by an Italian trade union the General Confederation of Italian Artisans (CGIA) revealed on Saturday.

According to the CGIA, the study describes the current situation without taking into account the previous government's support packages for the economy, which has allocated some $52 billion to combat the energy crisis.

The union also said that to counter the rising cost of energy, the government should theoretically pass an $83.8 billion relief package.

"This scary figure will decrease with the release of a new decree next week, which, however, will only allocate 12 to 13 billion [euros]. Given the seriousness of the moment, the CGIA believes that a new budget expansion of 15 to 20 billion [euros] should be adopted," the study read.

A picture taken 18 January 2008 shows the gas burner of a stove in London. United Kingdom's biggest energy provider, British Gas, 18 January 2008, announced an immediate price rise of 15% for its gas and electricity customers

© AFP 2023 / SHAUN CURRY

On Thursday, the Italian Council of Ministers announced a new package of economic aid for the Italian people and companies, which will include at least $6.2 billion for measures to tackle the energy crisis.

Europe is currently facing the unprecedented rise in energy prices and inflation caused by the Russian military operation in Ukraine and the sanctions the EU imposed on Moscow. According to the European Statistical Office, annual inflation in Italy is estimated at 8.4% in July, surpassing a 36-year record, when inflation was 8.2%.