Rising energy prices could lead to mass impoverishment in the EU, a professor at the University of Liege in Belgium told French news site Atlantico on Monday. Damien Ernst warned there is no indication that the situation will improve after this winter.

EU households will fall behind on their energy bills, Professor Damien Ernst says. According to him “the perfect storm” that has formed in energy markets is expected to have a major economic impact on households and businesses.

Ernst suggested that in Belgium, households on average will be paying €10,000 ($10,000) a year for power and heating.

The energy crisis will be far worse than the 2008 financial crisis and the oil shocks of the 1970s, he said, adding: “This will have economic consequences, especially for purchasing power, and lead to financial constraints.” With such a jump in energy prices, “it will be impossible to control inflation,” Ernst warned.

Power prices in Europe have continued to reach record highs, intensifying the region’s energy crisis and stoking fears about access to electricity and heating as the weather begins to cool.

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