Tzitzikostas: The side effects of the Persian Gulf and the resilience of Europe
Greek Commissioner Apostolos Tzitzikostas reported that EU aviation fuel shortages predicted by the International Energy Agency did not materialize, as imports from the US and Nigeria replaced Middle Eastern supplies, though rising fuel prices remain an issue. He warned that prolonged closure of the Strait of Hormuz could trigger global recession and shortages in petroleum-dependent industries like food and microchips, while also addressing Greece’s progress in railway and aviation safety upgrades.
Apostolos Tzitzikostas, the Greek Commissioner for sustainable transport and tourism, assessed the EU’s resilience amid the Persian Gulf crisis during his first major evaluation after 18 months in office. He dismissed dire predictions, including a claim by the International Energy Agency that aviation fuel shortages would occur within six weeks, noting the EU now produces 70% of its own fuel and replaced Middle Eastern imports with supplies from the US and Nigeria. Rising fuel prices have increased by about 50% since the crisis began, down from an initial spike of 100%, limiting flight cancellations. While tourist traffic remains below forecasts due to reduced demand from Asia, intra-European travel has offset some losses, reinforcing Europe’s position as a stable destination. Tzitzikostas warned that prolonged closure of the Strait of Hormuz could trigger global economic downturns and shortages in petroleum-dependent sectors, including food production (due to fertilizer impacts) and microchip manufacturing (reliant on solar energy). He also highlighted efforts to rationalize marine fuel pollution targets in coordination with the International Maritime Organization (IMO) to avoid competitiveness issues for European shipping, particularly Greece’s dominant fleet. On domestic safety, Greece is on track to modernize its railway system by the end of 2026, aligning with EU standards following the Tempi tragedy. Aviation safety upgrades are also advancing, with tenders launched for critical systems and software to ensure compliance and reliability.
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