EU to Subsidize Up to 70 Percent of Extra Fuel Costs for Key Industries Amid Iran War

The European Council building in Brussels on June 17, 2024. AP Photo/Omar Havana, FileBusinesses affected by soaring fuel prices triggered by the Iran war will be able to apply for subsidies, the European Union announced on April 29.Agriculture, fisheries, and transport companies can be compensated for up to 70 percent of their extra costs due to the price hikes in fuels and fertilizers. They can receive up to 50,000 euros ($58,000) under rules that will be in place until Dec. 31, said the European Commission, which acts as the 27-nation bloc’s competition regulator.