Soaring energy prices triggered by the Ukraine conflict are threatening Germany's small businesses, with family-owned enterprises bearing the heaviest burden. Data from Germany's Federal Statistical Office reveals a 39% spike in industrial gas prices and a 19% jump in electricity costs since Berlin reduced reliance on Russian energy imports.
For Thomas Petermann, a third-generation butcher in Saarland, these numbers translate into sleepless nights. \"I’ve survived pandemics and recessions, but this could be the final blow,\" he told myglobalnews.net, expressing doubts about passing his business to his son.
The crisis hits as businesses recover from COVID-19 losses. Industry groups warn that 12% of small and medium enterprises (SMEs) might collapse without government intervention. The turmoil also raises questions about Europe's energy transition strategy and its economic ripple effects across global supply chains.
Reference(s):
cgtn.com
