Europeans are feeling the effects of multiple crises, with almost half of them saying they have already seen a decline in their standard of living.
A staggering 46% of Europeans living in the European Union bloc say their standard of living has recently declined, while 45% say they are having “some” or “a lot” of difficulties with their income, according to a new Eurobarometer. by EuroNews this month. Another 39% of respondents foresee a decline in their standard of living in the future, according to the survey, which described the “polycrisis mood” facing Europe.
Europeans have seen a barrage of bad economic news in recent years, amid the COVID-19 pandemic that is wreaking havoc on economies across the continent with resulting lockdowns, inflation and supply chain disruptions. .
The problems were only exacerbated by Russia’s invasion of Ukraine last year, pushing Europe into an energy crisis after years of reliance on Russian natural gas and further threatening food supplies when one of the biggest wheat and corn producers of the world tries to defend itself.
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Flags of Europe waving on a pole.
(Nicolas Economou/NurPhoto via Getty Images)
The EU countries experiencing the steepest perceived drop in living standards include Cyprus, where 70% of respondents reported that their standard of living “has already fallen”. Cyprus was followed by Greece (66%), Malta (65%), France (62%) and Portugal (57%) as reporting the most negative outlook.
The lower standard of living prompts many to report falling behind on their bills, with 30% of respondents saying they have difficulty paying their monthly bills “once in a while,” while another 9% report having the same fight “most of the time.”
A total of 56% of Europeans expressed their dissatisfaction with the measures the European Union has taken to try to alleviate the cost of living crisis, while 64% felt the same kind of dissatisfaction with their national government.
The rising cost of living was the top concern for European residents, according to the survey, with 93% expressing concern about the crisis. That concern was followed by poverty and social exclusion (82%), climate change (81%) and the war in Ukraine spilling over to other parts of Europe (81%).
A dog is seen in the middle of a street as Ukrainian army soldiers take part in a military raid to search for possible remnants of Russian troops after their withdrawal from villages on the outskirts of Kyiv.
(AP Photo/Rodrigo Abd)
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However, Europeans indicated that support for Ukraine’s war effort remains intact, with 74% of EU citizens saying they approve of the bloc’s response to the war.
The Nordic countries were among the few to express optimism about their economic conditions, with 87% in Sweden, 86% in Denmark and 84% in Finland indicating that they are currently satisfied with their income.
Experts have warned that the coming year could include more tumultuous times, forcing countries to work together to ease shared woes across the continent.
Lindsay Newman, director of geopolitical thought leadership at S&P Global Market Intelligence, told Fox Business earlier this month that the “relatively peaceful post-Cold War era is clearly over, and there are great powers looking to shape the future.” “.
The French Air Patrol flies over the Eiffel Tower in Paris.
(AP Photo/Adrienne Surprenant)
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“We see more volatility going forward instead of less,” he warned.
Sridhar Tayur, a supply chain management expert who teaches at Carnegie Mellon University’s business school, argued that international cooperation will be key in determining how the global economy fares as countries grapple with a new reality. .
“There’s not going to be a situation where countries can pick up their ball and go home and not solve those problems together,” he told Fox Business earlier this month. “These challenges are shared and will require shared solutions.”
