The Greek tourism industry’s strong revenue figures being generated this summer, which could exceed those of the record-breaking summer of 2019 if July’s heightened activity is sustained through August, will prove invaluable in financing energy subsidies needed in coming months.

At the current rate, Greece’s tourism industry could contribute between 19 and 20 billion euros to the budget, well over the budget forecast of 16 to 17 billion euros.

International authorities, including Fatih Birol, executive director of the International Energy Agency, are warning of even tougher times ahead.

European countries greatly dependent on Russian natural gas are scrambling for solutions ahead of next winter. Germany is seeking nuclear-energy assistance from France. Chancellor Olaf Scholtz has reiterated energy prices will remain high for some time yet. Italian energy company Enel has warned customers that it cannot guarantee gas and electricity prices will continue to be offered under current agreements.

Latest calculations indicate that Greece’s electricity bill subsidies for households and businesses could soon exceed one billion euros per month.

The country’s electricity subsidy cost for August is expected to greatly exceed July’s figure of 722 million euros, which was based on a cost of 240 euros per MWh, now over 300 euros per MWh.