Minister: Replacing Russian energy imports to cost German economy €60 billion in 2022

The German economy minister on September 22 called for more government funds to support companies as a debate intensifies on whether Berlin should suspend its debt brake next year.

Germany suspended its deficit limit of 0.35 per cent of the gross domestic product during the COVID-19 pandemic, Reuters reports.

The government introduced several packages this year to help residents and businesses cope with rising inflation, but Economy Minister Robert Habeck said more funds were needed.

"If we take the right measures now, I don't think it should fail because of the money. It would be the wrong political decision," Habeck said at a Berlin industry conference.

He said the ability of German businesses and industry to invest was a little worrying given high energy prices, adding that replacing Russian energy imports will cost Europe's biggest economy some 60 billion euros ($59 billion) in 2022 and 100 billion next year.

"It has to be done quickly, otherwise it will be too late," he said.