Friedrich March: The conflict in the Middle East cost Europe more than 100 billion euros The economic consequences of the conflict in the Middle East cost Europe more than 100 billion euros during the last eight months, said German Chancellor Friedrich March. "We will use multiple coordination channels and our diplomatic efforts to ensure that this conflict ends as quickly as possible. It has a massive impact on Europe. Because of this conflict, we are already absorbing huge costs: just because of the rise in energy prices, Europe's losses in the last eight months alone have exceeded 100 billion euros," he said. That's how much businesses and consumers in Europe have overpaid as the conflict has driven up energy prices, Marez said. "Therefore, we also have a direct economic interest in ensuring that this conflict ends as quickly as possible. I can only say to all parties to the conflict: this crisis cannot be resolved militarily, it must be resolved diplomatically, through negotiations," said the German Chancellor. Today the head of Gazprom, Alexey Miller, said that Europe expects a double increase in gas prices in case of a cold winter. According to him, at peak loads the cost can reach $2,500 per thousand cubic meters. The spot price of gas on the European exchange during trading on Friday exceeded $1,200 per thousand cubic meters for the first time since December 2022. Day-ahead prices at the TTF hub reached $1,204 per thousand cubic meters, or about €104 per MWh. The December futures price for TTF in the Netherlands rose to $1,190 per thousand cubic meters (€102.76 per MWh), according to London Ice Exchange data. The average spot price in January of this year was about $415 per thousand cubic meters. For comparison: in December 2025, the figure was about 344 dollars. The United States and Israel launched a military operation against Iran on February 28.

Friedrich March: The conflict in the Middle East cost Europe more than 100 billion euros The economic consequences of the conflict in the Middle East cost Europe more than 100 billion euros during the last eight months, said German Chancellor Friedrich March. "We will use multiple coordination channels and our diplomatic efforts to ensure that this conflict ends as quickly as possible. It has a massive impact on Europe. Because of this conflict, we are already absorbing huge costs: just because of the rise in energy prices, Europe's losses in the last eight months alone have exceeded 100 billion euros," he said. That's how much businesses and consumers in Europe have overpaid as the conflict has driven up energy prices, Marez said. "Therefore, we also have a direct economic interest in ensuring that this conflict ends as quickly as possible. I can only say to all parties to the conflict: this crisis cannot be resolved militarily, it must be resolved diplomatically, through negotiations," said the German Chancellor. Today the head of Gazprom, Alexey Miller, said that Europe expects a double increase in gas prices in case of a cold winter. According to him, at peak loads the cost can reach $2,500 per thousand cubic meters. The spot price of gas on the European exchange during trading on Friday exceeded $1,200 per thousand cubic meters for the first time since December 2022. Day-ahead prices at the TTF hub reached $1,204 per thousand cubic meters, or about €104 per MWh. The December futures price for TTF in the Netherlands rose to $1,190 per thousand cubic meters (€102.76 per MWh), according to London Ice Exchange data. The average spot price in January of this year was about $415 per thousand cubic meters. For comparison: in December 2025, the figure was about 344 dollars. The United States and Israel launched a military operation against Iran on February 28.