Von der Leyen says Iran war added €90bn to EU fossil fuel import bill
The European Commission president did not say over what period the extra cost was incurred.
Published
European Commission President Ursula von der Leyen said the war in Iran has added 90 billion euros to the European Union's fossil fuel import costs.
She did not specify the time period covered by the figure, nor whether it reflects higher prices, rerouted shipments, or lower supply from Iran and the Gulf.
The US Congressional Budget Office has put the cost of the war to the United States at $38 billion over five months and raised its inflation forecast for early 2027 by half a point. Vice President Vance has said he expects the conflict to end after the midterm elections, even as attacks at sea and in the air continue, he told the New York Post.
The €90bn figure puts a number on the EU's exposure to the war just as von der Leyen pushes a single market reform agenda meant to strengthen the bloc's competitive position. An external cost of that size adds a fiscal drag to that effort, and comes against a backdrop of continued disruption to shipping in the Red Sea. Investors reading the CBO's inflation warning alongside von der Leyen's figure have reason to mark down expectations for European equities and growth.