Italian industrial lobby warns of “economic earthquake” from energy prices

Docks during sunset at the industrial port of Marghera in Lake Venice, northern Italy, January 6, 2017. REUTERS/Manuel Silvestri

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MILAN (Reuters) – The head of the country’s business lobby said on Thursday that Italy must respond to an “economic earthquake” caused by rising energy costs, adding that companies could not wait to form a new government before getting more help.

The head of the Confederation of Industry, Carlo Bonomi, called for a cap on the price of gas “if not at the European level, then at the national level”, in an interview with Italian radio RTL 102.5.

“What we are facing is an economic earthquake,” Bonomi said, adding that energy costs in Italy were among the highest in Europe.

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“We cannot wait for two months, the time expected to take until a new government is formed, which will put the Italian industrial system at risk, Italian household income and jobs,” he added.

Italy is due to hold national elections on September 25, and the administration headed by Prime Minister Mario Draghi is still in office and tasked with dealing with pressing current issues.

The Italian government has allocated more than 50 billion euros ($50 billion) this year to try to mitigate the impact of rising energy costs on businesses and households Read more

The Confcommercio trade lobby council warned on Wednesday that about 120,000 companies in the Italian service sector could go out of business over the next 10 months due to rising energy costs, with 370,000 jobs lost. Read more ($1 = 0.9979)

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Reporting from Federica Urso; Editing by Keith Weir

Our Standards: Thomson Reuters Trust Principles.

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