The European Union has incurred an additional $28 billion in energy import costs following the outbreak of the Iran-United States war, according to a report published on April 25, 2026. The surge in prices has forced the EU to announce a series of emergency measures to ease the mounting pressure on its energy expenditures. The European Commission stated that this marks the second major energy shock in less than five years, following the disruption caused by Russia’s invasion of Ukraine in 2022.

The International Energy Agency and the airport industry association warned that Europe, which imports about 70 percent of its aviation fuel, could face shortages within weeks. They urged EU member states to suspend aviation-related taxes to mitigate the impact of rising costs. The crisis has already affected several sectors, including fisheries, where many European fishermen have halted operations due to soaring fuel and raw material expenses.

Germany’s chemical industry association said the conflict has severely undermined the country’s economic prospects, with sales continuing to decline. The International Monetary Fund has also downgraded growth forecasts for 21 eurozone countries and the United Kingdom.