The Spanish government has approved a crisis package worth 5 billion euros, equivalent to approximately 58 billion kronor, to mitigate the economic consequences of the war against Iran. Prime Minister Pedro Sánchez presented the measures after an extraordinary cabinet meeting in Madrid on Friday. The crisis package includes significant tax cuts on energy, though the exact details and scope of these cuts have not been specified. It remains unclear what specific economic consequences of the war prompted this 5 billion euro package.
In a separate development, Swedish Grangex is preparing a restart of the Sydvaranger mine in northern Norway, with production targeted for the end of 2026. The mine, located in Kirkenes, Finnmark, has been idle since 2015. With a strategic agreement with British-South African Anglo American in place and financing work underway, the mine is expected to become one of Europe's most important suppliers of iron ore for green steel. The terms and strategic objectives of the agreement between Grangex and Anglo American have not been disclosed, and the current status and timeline for financing the restart are unknown. Additionally, the impact of the mine's restart on local communities and the environment in northern Norway has not been detailed.