Germany lost over €100bn amid Russia’s operation in Ukraine
Germany has lost €100 billion (over $106.7 billion) amid the Russian military operation in Ukraine and the related increase in electricity costs, Marcel Fratzscher, President of the German Institute for Economic Research (DIW Berlin), said.
"The Ukraine war and the associated explosion in energy costs cost Germany almost 2.5%, or €100 billion in economic output in 2022," Fratzscher told the Rheinische Post newspaper, adding that these costs will continue to increase in the coming years.
Fratzscher said that Germany has been more affected by the crisis economically because it was more dependent on Russian energy, has a high proportion of energy-intensive industry and "is extremely dependent on exports and global supply chains."
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