Prime Mette Frederiksen said that “the invasion of Ukraine comes with a price and that price will be paid by all of us”. She is pointing towards a long-term international crisis on the world market which will affect our private economies.
- Gasoline price is up to 17.29 DKK per liter (23,59% increase)
- Food prices are up by 5,66%
- Electricity price is up to 6.92 DKK per kwh (from 2.78 DKK/kwh before the war)
- Gas price is up to 18.61 DKK per m3 (from 7.28 DKK/m3 before the war)
- Interest rates on house loans have increased to 2%
Inflation: Total consumer prices have risen by 4,8% since last year. This is the highest level of inflation since 1989. This means your money is worth less compared to last year. Time to ask for a salary raise.
District heating: The people that use gas to heat their homes are switching to district heating (fjernvarme). District heating is your local heating company. In Denmark, households use five types of heating: district heating; gas boiler; oil boiler; heat and electric pump; wood. The experts estimate five to eight years until everyone that wants to switch will be connected to district heating.
Cybersecurity for small and medium companies: The government established a 50 million DKK grant for SMEs that want to increase their cybersecurity level. You can apply for 50.000 DKK from 17th of March here.
Russian market: Denmark advises companies to not enter the Russian market and will not aid companies who still wish to do so. At the same time, they will provide support to the companies that wish to exit the Russian market. Trade with Russia is no longer of interest for Denmark.
Ørsted condemns the Russian invasion of Ukraine and has already taken several steps to stop its cooperation with Russian companies.
- The Gazprom contract expires in 2030 and it will not be extended.
- All profits related to the Gazprom contract will be donated to Ukraine as humanitarian aid.
Travel deduction: 1,2 million people in Denmark applied for travel deduction in 2021. The deduction is calculated on gasoline price of 12.78 DKK per liter. There are voices asking for the deduction to be increased.