Von der Leyen: Fossil Fuel Imports Cost Europe an Additional €127 Billion
Key Facts
European Commission President Ursula von der Leyen said at the WinWin Brussels Summit that fossil fuel imports had cost Europe an additional 127 billion euros from the closure of the Strait of Hormuz through November 3, 2026. She added that the cost had not provided “a single additional unit of energy.” The figure relates to what Europe paid for fossil fuel imports during that period, as von der Leyen presented it at the summit. The additional cost puts the energy bill at the center of the consequences of the waterway’s closure for Europe. Von der Leyen made the remarks at the summit in Brussels, according to ANSA.
The 127 billion euro figure offers an additional measure of the cost of imports since the strait closed, not a comprehensive estimate of losses to the European economy. The amount cited by von der Leyen concerns fossil fuel imports specifically, while her remarks focused on how those payments were not matched by an increase in the amount of energy available. The Commission president thus linked the value of the bill to the volume of energy Europe received, pointing to higher spending without an additional unit. This description highlights the difference between the cost of buying fuel and broader economic costs that could include other sectors. Her remarks gave no total figure for those wider losses.
Von der Leyen linked reliance on oil and gas imports to exposure to the disruptions that accompany them, saying: “When we import oil and gas, we risk importing the shocks and crises that come with them.” The warning places the strait’s closure among the risks of relying on imported energy sources, as related crises can feed through to Europe’s import bill. Her message was not limited to the impact of the crisis on costs; she also linked the shift to clean energy with protecting the climate and with Europe’s competitiveness and independence. She said the clean energy transition means “protecting our climate on the one hand, but it is also about Europe’s competitiveness and independence.”
Her remarks came against the backdrop of the European Union’s climate goals, which she referenced at the summit. Von der Leyen said the bloc is committed to cutting its emissions 90% by 2040, as part of an agreement on a climate target for that year. The commitment sets out the scale of reductions European policies are pursuing in the coming period, according to the Commission president. She also said more than 1,200 billion euros had been invested in sustainable activities across the European Union since 2021. She linked those investments to the transition path she presented as connected to the climate, competitiveness and independence.
Von der Leyen added that Europe’s path aims to make the continent the first climate-neutral one by 2050. She said: “Our path is clear: we will become the first climate-neutral continent by 2050.” This goal follows the emissions-cutting target she cited for 2040, with the Commission president placing both within Europe’s long-term direction on energy and climate. Her remarks link that direction to the risks of relying on imported oil and gas, and to the additional cost of fossil fuel imports since Hormuz closed.