A recent report by the Kyiv School of Economics revealed that direct and indirect losses from the war range from $564 billion to $600 billion (€568 billion), and could increase even further as the conflict drags on.

By comparison, the US-led Marshall Plan that brought Western Europe out of the devastation after World War II had an original price tag of $13 billion, equivalent to over $155 billion in current prices.

With damages mounting across the country, Ukrainian President Volodymyr Zelenskyy is asking Western countries to provide the government with at least $5 billion a month to pay for essential services and keep the economy afloat.

“This is a lot for our state. This is not possible for Ukraine. But this is possible for you,” Zelenskyy told G7 leaders in video call last week.

All eyes turn now to Brussels, where a recovery fund is in the works. But the EU cannot foot the bill alone.

Watch the video above to learn more about Ukraine’s post-war reconstruction.

The post The cost of Ukraine’s reconstruction will eclipse the Marshall Plan first appeared on Magazin Haber Ajansı.

Kyriakos Mitsotakis said on Thursday that the country had been forced to act alone after its European Union partners failed to adopt a joint response to the energy crisis.

Greek household consumers will be reimbursed for 60% of additional costs in their bills from December to May.

Households will be able to claim a maximum of €600 and the measure will only apply to people earning up to €45,000 per year, Mitsotakis said.

Existing measures to help people with low incomes pay their electricity bills will also be expanded over the next two months to cover all households.

To fund the scheme, Mitsotakis said that Greece would introduce a 90% tax on gains that electricity producers have accumulated from the increase in power prices.

The Greek Prime Minister has attributed the crisis to gas price hikes as a result of the war in Ukraine.

“On this issue, Europe — until now at least — is not showing itself to be up to the task,” Mitsotakis said in a televised address to the nation.

“I am not going to wait until the slow-moving European ship changes course,” he added, calling for joint action from the 26 other EU member states.

According to Greece’s statistical authority, inflation in March reached a 28-year high of 8.9%, including a 30% rise in costs for rent, electricity, heating and gas.

The post Greece unveils new state aid scheme to combat rising electricity bills first appeared on Magazin Haber Ajansı.