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(Bloomberg) — Spain’s government has approved a €5 billion ($5.8 billion) aid package to ease the economic effects of the Iran war, including tax reductions on energy.
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Spain will cut sales tax on electricity taxes from 21% to 10% and scrap other levies on energy, Prime Minister Pedro Sánchez said Friday in Madrid. An extraordinary cabinet meeting approved 80 measures to ease effects of the war that will come into force Saturday.
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“I’m very angry with the situation,” Sanchez said at a press conference Friday in Madrid.
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Fuel prices have shot up globally and countries across Europe are looking at ways to alleviate the economic impact of the war on their citizens. Earlier this week, Prime Minister Giorgia Meloni’s coalition approved a temporary cut to Italy’s excise taxes on fuel.
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The Spanish government is also looking to increase natural gas imports from Algeria via a pipeline, Bloomberg reported this week. The country is a major importer of liquefied natural gas and one of its main suppliers is Qatar, which has been hit by Iranian attacks.
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While the rise in energy costs is a impacting Spain, it’s better shielded than it was in previous energy crises thanks to the large amount of renewable energy generation it has, leading to some of the lowest electricity prices in Europe.
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Sánchez has first European leader to openly oppose the US attack on Iran and has warned that the war would have widespread economic consequences. However, he has also said that that the crisis won’t be as big as in 2022, when Ukraine was invaded by Russia.
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—With assistance from Macarena Muñoz.
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English (US)