Europe energy crisis spend nears $850 bln

STORY: European countries have spent close to 800 billion euros to fight soaring energy costs.

That's approaching $850 billion.

The number came in a report Monday (February 13) by Brussels-based think tank Bruegel.

It said EU countries had now allocated around $727 billion in energy crisis spending.

While Britain had allocated about $110 billion, and Norway nearly $9 billion.

Germany spent the most, at $288 billion.

The spending comes after Europe fell out with Russia.

The Kremlin cut off most of its gas deliveries to the continent last year in retaliation for sanctions due to the war in Ukraine.

That sent gas costs soaring, spurring governments to seek ways to protect consumers from enormous energy bills.

Bruegel's analysis showed spending on the energy crisis was now similar to the EU's recovery fund for the global health crisis, which hit 750 billion euros, or about $800 billion.

It also comes as countries debate proposals to loosen state aid rules for green tech projects.

That as Europe tries to compete with subsidises in the U.S. and China.