Roxana Minzatu says U.S.-Iran conflict risks 1.3 million EU jobs
Rising energy costs, driven by the U.S.-Iran conflict, might cost the European Union up to 1.3 million jobs this year, according to Labor Commissioner Roxana Minzatu.
The automotive industry is looking at as many as 600,000 layoffs, and higher transport fuel prices mean low-income households could spend an additional 1.4% of income on transport fuel.
"Due to the war in the Middle East, up to 1.3 million jobs are at risk and we are talking about jobs in energy-intensive industry, particularly," Minzatu told a news conference.
EU manufacturing sectors face job losses
Battery projects (85,000 jobs), solar manufacturing (nearly 59,000), and steel production (4,500) are all expected to take hits too.
Construction, metals, chemicals, and transport might lose another 56,000 jobs combined.
With around 30 million people working in EU manufacturing—and millions more in services—the ripple effect could be huge for young workers and families across Europe if energy prices keep climbing.