European governments are announcing emergency measures to protect households and businesses.
Hundreds of billions of euros — and counting — have been shelled out so far since Russia invaded its pro-Western neighbour in late February.
Governments have gone all out: from capping gas and electricity prices to rescuing struggling energy companies and providing direct aid to household to fill up their cars.
The public spending has continued even though European Union countries already accumulated mountains of new debt to save their economies from the fallout of the Covid pandemic in 2020.
A Brussels-based institute think-tank tracking energy crisis spending by EU government.
But some leaders have taken pride at their use of the public purse to battle this new crisis, which has sent inflation soaring, raised the cost of living and sparked fears of recession.
After announcing 14 billion euros ($13.9 billion) in new measures last week, Italian Prime Minister Mario Draghi boasted that this put Italy "among the countries that have spent the most in Europe".
The Bruegel institute, a Brussels-based think-tank tracking energy crisis spending by EU government, ranks Italy as the second-biggest spender in Europe after Germany.
Rome has allocated 59.2 billion euros since September 2021 to shield households and businesses from the rising energy prices, accounting for 3.3 percent of its gross domestic product.
Germany tops the list with 100.2 billion euros, or 2.8 of its GDP, as the country was hit hard by its heavy reliance on Russian gas supplies, which have dwindled in suspected retaliation over Western sanctions against Moscow for the war.
On Wednesday, Germany announced the nationalisation of troubled gas giant Uniper.
France, which shielded consumers from gas and electricity price rises as early as November, ranks third with 53.6 billion euros allocated so far, representing 2.2 percent of GDP.
Macron, who in contrast to the US and British leaders, has played down the likelihood that Russia may soon invade its neighbour, shuttled from Moscow to Kyiv on Tuesday in a bid to mediate a settlement and avoid war.
Russian forces withdrew from towns north of the capital Kyiv last week as it turns its assault to Ukraine's south and east. Ukrainian troops recaptured towns devastated by nearly six weeks of war, including Bucha, where dead civilians lined the streets.
The fighting in Ukraine and related disputes over pipelines lie behind the electricity and natural gas shortfalls that have worsened as Russia's war in Ukraine, which began on Feb. 24, grinds on for a seventh month.
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