Phoenix 24
Energy dependence is turning geopolitical disruption into a national economic burden.
MADRID, SPAIN | AUGUST 2026
Spain has paid an estimated €8.8 billion more for imported fossil fuels between March and August following the surge in energy prices caused by the war with Iran. According to an analysis by the Centre for Research on Energy and Clean Air, Spain ranks among the ten countries most severely affected by the disruption, alongside several other major European economies.
Italy accumulated approximately €12.7 billion in additional import costs, followed by the Netherlands with €11.5 billion and France with €10.8 billion. Together with Spain, the four countries absorbed more than €40 billion in additional expenditure without importing larger volumes of energy. The figures measure the difference between actual import costs and the prices markets expected before the conflict.
The global impact is considerably larger. CREA estimates that the crisis has added more than €282 billion to fossil fuel import bills worldwide, with oil accounting for €140 billion of that increase. Liquefied natural gas prices rose by approximately 60 percent in the Atlantic market and 75 percent in the Pacific, while diesel and petrol prices increased by 59 percent after the United States and Israel launched military operations against Iran on February 28.
Europe’s dependence on diesel makes the increase particularly damaging because the fuel remains essential for freight transport, agriculture and industry. Higher import prices consequently move through supply chains and can raise the cost of food, manufactured goods and mobility. The United States and Norway have become the European Union’s principal alternative suppliers of oil and liquefied natural gas as Middle Eastern deliveries have declined.
Renewable energy has provided Spain with partial protection, but it has not eliminated the country’s exposure. CREA estimates that every Spanish resident carried an additional gross fossil fuel import cost of €181, primarily because transport, aviation and industry remain heavily dependent on oil. Across Europe, clean energy capacity installed since 2020 reportedly prevented €36 billion in additional fossil fuel purchases during the first five months of the crisis.
More than 100 environmental organisations are now urging European Commission President Ursula von der Leyen to announce a comprehensive plan for eliminating fossil fuel dependence during her September 16 State of the Union address. Their proposal calls for greater investment in renewable energy, electrical grids, efficiency and industrial electrification while protecting consumers and workers during the transition. The report’s central conclusion is increasingly difficult to ignore: clean energy is no longer only an environmental policy, but also a form of economic and geopolitical security.
Detrás de cada dato, la intención. / Behind every data point, the intention.