Europe is in for 5 to 10 'difficult' winters as energy prices soar, Belgian prime minister says

Europe could be in for a long, hard winter as energy prices surge to record highs.

Belgian Prime Minister Alexander De Croo said at an event in Belgium on Monday that the next 5 to 10 winters would be difficult. It is hard to deal with high energy prices in many sectors. The coming months will be difficult and the coming winters will be difficult.

Europe is facing an energy crunch due to Russia's war in Ukraine. About 40% of the fuel for the continent is imported from Russia. Technical issues have caused Russia to slow gas flows to 20% of their capacity. European officials say the move is in response to sanctions.

According to official data, Belgium imports just 6.5% of its natural gas needs. Energy bills are going up even though prices have gone up on the global markets. On Monday, benchmark Dutch natural gas futures jumped almost 20% in one day to a fresh record high on news of a three-day shut down of theNord Stream 1 line.

The cost of electricity in Belgium on the wholesale market set a new record high on Sunday. It means to record high energy bills.

Energy bills are expected to rise in other countries. According to the Financial Times, household energy bills in the UK are expected to be four times higher than they were in the previous year. In Germany, energy bills are likely to double for households as companies pass on rising natural-gas costs, according to an electricity provider cited by the Agence France-Presse.