Energy Shock From Iran Conflict Could Threaten 1.3 Million EU Jobs

The auto industry faces the largest threat, with up to 600,000 jobs potentially at risk across Europe.

European automotive, construction, metals, chemicals and transport sectors could lose up to 1.3 million jobs this year as a result of a surge in energy prices caused by the U.S.-Iran conflict, Labour Commissioner Roxana Minzatu said on Wednesday.

“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.

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The EU automotive sector could face the biggest layoffs of up to 600,000, the European Commission estimated.
Construction, metals, chemicals, transport could lose 56,000 jobs.
Some 85,000 jobs in battery projects could be at risk and 58,852 jobs in solar manufacturing.
Another 4,500 jobs could go in the steel sector because of low-carbon measures.
Low-income households could spend an additional 1.4% of income on transport fuel.
The EU manufacturing sector employs around 30 million people, while services provide almost 87 million jobs.

(Reporting by Jan StrupczewskiEditing by Gareth Jones)