00:00The European Union warns the continent could face years of economic fallout from the U.S.-Israel
00:05war with Iran, with energy prices expected to remain elevated. European Commission President
00:11Ursula von der Leyen says the crisis has exposed Europe's heavy reliance on imported fossil fuels,
00:18urging greater investment in renewable energy.
00:21The consequences of this conflict may echo for months or even years to come, and this
00:29is why energy was on the top of the informal EUCOS agenda.
00:35This is the second energy crisis within four years, and the lesson should be very clear.
00:42Our over-dependency on imported fossil fuels makes us vulnerable.
00:48In the current European budget, we have set aside almost 300 billion euros for energy,
00:5595 billion of which are not used so far.
01:00I know I'm preaching here almost in the wrong church, but let us use this to make the switch
01:05now to electricity, not just in transport, but also in industry and in heating.
01:11The European Union unveiled plans to shield households and businesses from an energy crisis
01:16triggered by Iran conflict last week.
01:19The measures include cutting electricity taxes, coordinating gas storage, and boosting investment
01:25in renewable energy to reduce price volatility.
01:28The bloc says it has already spent an additional 24 billion euros on energy imports due to surging
01:34prices since the conflict began.
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