Middle East War Costs Greece €3 Billion, EU €145 Billion in Six Months

The Middle East war has already cost Greece an estimated €3 billion during its first six months, according to a review by the Piraeus Chamber of Commerce and Industry (EVEP). The €3 billion total includes approximately €1.5 billion in additional energy costs, €600 million in lost business turnover, €500 million in transport and supply-chain costs, and €400 million in fiscal burden.

Energy costs were the first major impact, with international prices remaining about 30% above their levels before the war began. The additional energy bill for the EU after six months is estimated at approximately €85 billion, representing money leaving the European economy to purchase essentially the same or smaller quantities of energy at higher prices.

The conflict's economic impact has been divided into six phases by the EVEP, with the first phase from Feb. 28 to March 16 characterized by military escalation and rising energy prices. The second phase brought serious disruption to navigation through the Strait of Hormuz, along with higher risk-insurance premiums and freight rates.

The situation remains uncertain, and the EVEP president warns that uncertainty now has a price. He emphasizes the need for urgent energy diversification in Europe and Greece, as well as investment in electricity networks and logistics hubs to support a faster transition toward a less import-dependent and more productive economic model.