WEBVTT

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One of the top knock on effects of
the war in Ukraine in the EU has been

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the rising cost of living
across the whole continent.

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Since the end of 2021, before
Russia's full scale invasion,

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the blocs energy bill has
doubled to €600 billion.

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And while prices have fallen
far from their peak,

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they are still elevated,
adding pressure for consumers

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and businesses alike.

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But there's at least one European
country that has benefited from

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the high energy prices: Norway.

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Making a good framework for
the energy security and always

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a stable and a long term provider of
energy to the European market.

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So the energy security in Europe
depends on that you have enough

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energy available for industries, for
households and so on to

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affordable prices.

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I know I want to contribute
that to that.

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Norway is now a strategic energy
supplier as the energy price

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pressures continue to pummel
European economies, including

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Germany which has
just exited recession.

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It's been a double whammy
for exporters with high energy prices

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and lower global demand and
the domino effect is even bigger in

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some smaller EU economies.

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As a small open economy,
Estonia is very much dependent on

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exports and and our export markets
are not main export markets

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are not some some far away places,
but they are Finland, Sweden,

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Germany, Latvia, 
Lithuania and if you add into this,

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cocktail catalysts like COVID.

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And this nasty war Russia
is waging in Ukraine?

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Then you kind of have
a stomach conditions.

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Europe doesn't look like it's set
to ride out the storm anytime soon.

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Public spending increased during
the COVID-19 pandemic,

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and it has remained
high as EU countries bolster

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defense budgets and 
provide aid to Ukraine.

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Supporting Kiev
is expensive but essential.

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Proponents say it will cost Europe
literally 100 times more if Europe

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is at war with Russia.

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The cost right now.

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And so it's a question of paying
now or paying a lot, lot more later.

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Meanwhile, the European
economy is stuttering.

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It only grew 0.5% last year,
and the European Commission expects

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it to expand 0.9% this year.

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While not all of Europe's ongoing
economic struggles can be blamed

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on the war, it's clear that countries
would be better positioned

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to cope with
their domestic challenges if Russia

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hadn't invaded Ukraine.