The European Union introduces temporary measures to help companies cope with the impact of rising energy prices

CryptoWorld News reports that the European Union announced on Wednesday that it will take temporary measures to buffer some of the impacts on businesses caused by the sharp rise in energy prices due to the Middle East conflict. The EU executive body stated that for companies in agriculture, fisheries, or transportation sectors, member states can provide up to 70% compensation for additional costs resulting from rising fuel or fertilizer prices triggered by the crisis. Energy-intensive companies that meet the criteria for temporary price relief can also receive aid of up to 70% of electricity costs. This framework is called the “Temporary State Aid Framework for the Middle East Crisis” and is valid until December 31, 2026. The European Commission said that while transitioning to a clean economy remains a long-term solution to protect EU companies from the impacts of global energy shocks, the Temporary State Aid Framework for the Middle East Crisis allows member states to take immediate action to ensure that the growth of the most affected companies is not irreparably harmed by the current crisis.