The war between the U.S. and the Zionist regime against Iran, although taking place primarily in its main theater in West Asia, has repercussions that have penetrated deep into the European continent. Rising oil and gas prices, escalating inflation, and pressure on industries are among the consequences of this war, which has now become a serious challenge for Europe.
Heavy Costs of War for Europe
Ursula von der Leyen, President of the European Commission, announced in her annual speech to the European Parliament that since the start of the war on February 28, the European Union has incurred an additional cost of 90 billion euros for importing fossil fuels. This figure has arisen due to disruptions in the energy routes of the Persian Gulf and the Strait of Hormuz. Von der Leyen had previously stated that in just the first 44 days of the war, Europe suffered a loss of 22 billion euros due to rising fossil fuel prices.
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This increase in costs clearly reflects Europe's dependence on imported fossil fuels. She also warned that with the continuation of high prices and the war in the Middle East, maintaining Europe's industrial power will face serious challenges. This war has now turned into an "openly hostile" environment for the Green Continent.
Economic and Social Impacts of the War
Official statistics show that the trade deficit in the EU's energy sector reached 101.1 billion euros in the second quarter of 2026, while this figure was 71.3 billion euros in the first quarter. Additionally, for the first time since the second quarter of 2023, the EU faced a goods trade deficit of 21.8 billion euros.
Meanwhile, the European Central Bank is also affected by the consequences of the war. On September 10, the interest rate increased to 2.5 percent, and inflation in the Eurozone is expected to reach 3 percent in 2026. Christine Lagarde, President of the European Central Bank, emphasized that inflationary pressures will remain "longer than we expected." This increase in prices has directly impacted the daily lives of households and reduced their purchasing power.
Alongside these problems, the costs of the war for the U.S. are also on the rise. The U.S. Congressional Budget Office has reported that the costs for the first 5 months of the war against Iran have reached 38.1 billion dollars, with these expenses primarily spent on replacing missiles and air defense equipment. This estimate reflects the heavy costs of this conflict for both sides.
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