Over 100,000 Small and Medium-Sized Businesses About To Close in Italy

Soaring energy bills spell doom for up to 120,000 small and medium-sized businesses in Italy, Corriere de la Sera reported this weekend, citing Carlo Sangalli, head of the Italian business association Confcommercio. “Already today many companies are reorganizing or reducing services.… Between now and the first half of 2023, at least 120,000 small businesses in the service sector are at risk.… This is a cautious estimate that does not take into account the largest companies,” Sangalli said. It could lead to the loss of more than 370,000 jobs, he added. “In terms of energy costs, our hotels, bars, restaurants and stores will pay 40-60% more on their bills this year than in Germany, and three times that than in France,” according to Sangalli.