Europe is suffering economic pain due to the war in Ukraine, but Russia is so far largely unscathed
A giant utility is asking for a taxpayer bailout, and more may be coming. Dairies wonder how they will pasteurize milk. The euro has sagged to a 20-year low against the dollar, and recession predictions are on the rise.
Europe's most pressing challenge is shorter term: battle record inflation of 8.6% and get through the winter without crippling energy shortages. The continent relies on Russian natural gas, and higher energy prices are flowing through to factories, food costs and fuel tanks. “If the dairy doesn't function, then the farmers can't either,” managing director Bernhard Pointner said. “Then the farmers would have to discard their milk.”
“We're really concerned about the situation and the continuous increase in the number of families we're supporting,” said Dario Boggio Marzet, president of the Food Bank of Lombardy, which groups dozens of charities that run soup kitchens and provide staples to the needy. Their monthly costs are up 5,000 euros this year.
French President Emmanuel Macron says the government aims to conserve energy by switching off public lights at night and taking other steps. Similarly, German officials are begging people and businesses to save energy and ordering lower heat and air-conditioning settings in public buildings. “Without investment, without structural change, the only thing left is to hope that everything will work as before - but it won't,” Brzeski said.
The successor to McDonald's, Vkusno-i Tochka, is serving more or less identical food, while the former Krispy Kreme in the mall has rebranded but sells basically the same offerings.
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