European governments have allocated about 280 billion. euro to mitigate the effects of the energy crisis on households and businesses, according to Bloomberg.

The funding, calculated by Brussels-based think tank Bruegel, spans everything from tariff subsidies for small businesses in Greece to direct payments to consumers in Belgium.. Part of the money has not yet been spent.

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Over the past five years, wholesale energy prices have risen more than 10 times their seasonal average as Russia cuts natural gas supplies to Europe.

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This affects economic production across the continent.. Consumers face cost-of-living crisis as UK electricity bills set to triple.

Governments hit as rising inflation lowers living standards. In particular, inflation in the UK could exceed 18% in January for the first time in half a century due to soaring energy prices, Citigroup Inc said this week..

" However, they noted that these measures hinder the necessary efforts to save energy..

This keeps global energy demand and prices higher than they might otherwise be..

Recall that the Czech Republic presiding in the EU plans to hold an emergency meeting of energy ministers and discuss the introduction of marginal electricity prices..