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Austrian Economic Policy News and Analysis
Read the latest headlines about policies and laws influencing the business and investment environment of Vienna and Austria
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Ankara and Vienna Sign Cooperation Agreement
The capitals of Austria and Turkey, Vienna and Ankara, will intensify their cooperation in the future. Vienna's Mayor Michael Ludwig received the Mayor of Ankara, Mansur Yavas, in the City Hall. Both mayors signed a cooperation agreement to this effect in Vienna City Hall.
October 19, 2022
City of Vienna Establishes Energy Crisis Unit
The City of Vienna established an advisory committee on energy supply, which will work as a crisis unit on energy supply issues. Together with the crisis unit that has existed since the Covid pandemic, it is to accompany the preparations for the winter and make proposals for measures to secure energy supplies.
October 17, 2022
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Austria Increases Contribution to World Food Program to 60 Million Euros
The Russian invasion of Ukraine has brought the issue of food supply into global focus. Therefore, the Austrian Federal Ministry of Agriculture and Forestry budget will be increased to 20 million euros annually from 2023-2025. A strategic partnership between Austria and the World Food Programme (WFP) is also in the works.
October 16, 2022
Austria Calls for Common European Gas Price Cap at EU Summit in Prague
At the first meeting of the "European Political Community", the informal summit of EU heads of state and government in Prague, Austria attracted particular attention by wanting to define a common EU gas price cap. For Austria's Chancellor Karl Nehammer it was clear in Prague that there would be "no embargo via the back door" when it comes to Russian gas.
October 11, 2022
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Austria Boosts its Defense Budget
As many European countries increase their defense budgets in the wake of the war in Ukraine, Austria is no exception. The Austrian army will receive more money in the coming years, a total of 16 billion euros until 2026, the federal government of Austria announced.
October 9, 2022
Born Global Academy: Initiative of the Austrian Federal Chamber of Commerce
Internationalization is high on the agenda of many Austrian startups. According to Start-up-Monitor, 80 percent planned to export their business model this year. The Born Global Academy was launched last year by Aussenwirtschaft Austria and weGrow International offers an internationalization program for startups.
October 3, 2022
Austria's Economy Demands Help with Energy Crisis
Many companies in Austria are currently struggling with the high energy prices. Now the Austrian Federal Economic Chamber and the Federation of Austrian Industries are calling for political intervention to prevent company closures.
September 27, 2022
Austria Becomes Member of Methane Reduction Coalition
Austria joins the international initiative to reduce methane emissions founded a year ago. The goal of the now more than 100 countries is to reduce methane emissions by 30 percent by 2030 compared to 2020.
September 22, 2022
Reopening of the Bilateral Icelandic Embassy in Vienna
As a part of the reopening of the bilateral Icelandic Embassy in Vienna, Foreign Minister Alexander Schallenberg met with his Icelandic counterpart Thórdís Kolbrún Reykfjörd Gylfadóttir. Aside from bilateral issues, Iceland's upcoming presidency of the Council of Europe and the security situation in Europe were also discussed.
September 19, 2022
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Austro-Arab Chamber Organised the “Ambassadors’ Meeting at Vienna School for International Studies”
The Vienna School of International Studies hosted the "Ambassadors' Meeting at Vienna School of International Studies", organized by the Austro-Arab Chamber (AACC).
September 14, 2022
Austrian Gas Storage Facilities Over 70 Percent Full
Austria's gas storage facilities are already more than 70 percent full. The contingency plans to secure gas supplies that were put into action as a result of the war in Ukraine and the ongoing energy crisis go according to plan as announced by Austria's government.
September 12, 2022
Austrian Government has Agreed on Electricity Price Brake
The Austrian federal government has agreed on the long-discussed "electricity price brake" to cushion the high cost of energy. According to information from the federal government, each household will pay a lower electricity price for that share of electricity consumption which corresponds to 80 percent of the average consumption of an Austrian household in the previous year.
September 7, 2022
Austro-Arab Chamber Strengthens Relations with Kuwait, Saudi Arabia, Sudan and Egypt
The Austro-Arab Chamber of Commerce (AACC) strengthened its relations with Kuwait, Saudi Arabia, Sudan and Egypt. The AACC Secretary-General Mouddar Khouja met with important ambassadors and dignitaries from Kuwait, Saudi Arabia, Sudan and Egypt.
September 7, 2022
Honduras Foreign Minister Eduardo Enrique Reina García Visits Vienna
The Foreign Minister of Honduras, Eduardo Enrique Reina García, met the Austrian Foreign Minister Alexander Schallenberg for a working meeting in Vienna. The discussions focused on bilateral and economic relations between Austria and Honduras, multilateral issues, as well as regional developments in Latin America. In addition the Foreign Minister of Honduras met with IAEA chief Rafael Mariano Grossi.
September 6, 2022
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Austria's President Van der Bellen Brings in Experts on Energy and Climate Issues as Advisors
Ex-Verbund boss Wolfgang Anzengruber and Wifo economist Angela Köppl are volunteering their expertise to Austrian President Van der Bellen. According to the Federal President's Office, the war in Ukraine and inflation, as well as the slowly emerging energy crisis in Europe, call for expert advice on energy economics and climate issues.
August 31, 2022
Austrian Chancellor Nehammer Calls for EU-27 to Stand Together for European Electricity Price Cap
Given the sharp rise in energy prices, Austrian Chancellor Karl Nehammer is calling for a European electricity price cap to "finally" put a stop to "this madness that is currently taking place on the energy markets. According to Nehammer. this is only possible through a European solution.
August 29, 2022
Climate Bonus and Anti-Inflation Bonus Come Earlier
The payment of the climate and anti-inflation bonus announced by the Austrian federal government will start in September. Because of inflation and the climate bonus, in 2022 all adults who have a main residence in Austria for at least six months will receive €500 and children €250, regardless of their citizenship and age.
August 25, 2022
UNIDO and Japan Cooperation for Resilient, Inclusive and Sustainable Industrial Development in Africa
The Eighth Tokyo International Conference on African Development (TICAD8), which will be held on 27 and 28 August, 2022, in Tunis, is approaching. A series of TICAD8 official side events will be held online from 23 to 26 August by the Vienna-based United Nations Industrial Development Organization (UNIDO).
August 23, 2022
Vienna Increases Fees for Public Services
The City of Vienna increases the fees for water, sewage, waste disposal as well as the prices of parking tickets. The adjustment of tariffs for municipal services is made in Vienna based on the applicable valorization law.
August 18, 2022
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Austria's Gas Storage Facilities Almost 60 Percent Full
As a result of the war in Ukraine, contingency plans are being put in place in Europe, as well as in Austria, to secure gas supplies. Gas storage facilities in Austria are 59.83 percent full. This means that a total of 57.2 terawatt hours (TWh) of natural gas is stored in domestic storage facilities.
August 17, 2022
Virtual Economic Forum between Tunisia and Austria
A Virtual Economic Forum titled "Tunisia & Austria - Promoting Business & Investment Cooperation", was held online by the Tunisian Embassy in Vienna and the Austro-Arab Chamber of Commerce (AACC) in collaboration with the Tunisian Foreign Investment Promotion Agency (FIPA Tunisia).
August 7, 2022
International Organisations in Vienna: What is the United Nations Commission on International Trade Law?
The United Nations Commission on International Trade Law (UNCITRAL) is based in Vienna and aims to unify and actively promote international trade law. Learn more about this international organisation in Vienna!
August 3, 2022
Iran Nuclear Talks: Iran Can Build Nuclear Bomb, But Does Not Intend to Do So
Iran says it is technically capable of producing a nuclear bomb. But the country does not intend to do so, the semi-official Fars news agency quoted the head of Iran's Atomic Energy Agency, Mohammed Eslami.
August 1, 2022
European Forum Alpbach Will be Opened by Moldovan President Maia Sandu
The Moldovan President, Maia Sandu, will attend the opening of this year's European Forum Alpbach (EFA) together with Federal President Alexander Van der Bellen on August 22. At the start of the event, they will jointly address the EFA's annual theme, The New Europe, and discuss what consequences, in light of Russia's Invasion of Ukraine, Europe must draw from its current weakness and its inaction in the past.
July 27, 2022
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Austria Will Take Common Line with Germany on Gas Storage
Germany and Austria have joint responsibility for storing gas, according to Energy Minister Leonore Gewessler (Greens). "We have always coordinated well with Germany," the minister said today, referring to the Haidach storage facility near Salzburg, which is also important for Germany.
July 25, 2022
Ukrainian Refugees in Austria Feel Welcome
Displaced women from Ukraine were interviewed by the Austrian Institute for Family Research at the University of Vienna on behalf of the Austrian Integration Fund about their current life situation, security and care, and plans for the future.
July 24, 2022
Austria has the Highest Share of Female Startups in the EU
The Federal Ministry of Labor and Economy (BMAW) had surveyed the financing situation of female startups for Austria and Europe and discussed it at a startup breakfast together with representatives of the startup community at the BMAW. At 36 percent, Austria currently has the highest proportion of female startups in the EU.
July 20, 2022
Why Germany and Austria Are More Dependent on China for Strategic Raw Materials than on Russian Gas
China has established global dominance over many of the strategic raw materials needed to be competitive in the economy of the future. Read how Austria, Germany, and others have arguably become more dependent on these materials from China than on Russian gas.
July 5, 2022
Austrian Ministers Visit Egypt on a Joint Trip
Austrian Foreign Minister Alexander Schallenberg and Austrian Interior Minister Gerhard Karner traveled together to Egypt, to strengthen the cooperation with the Arabic Republic and North Africa. The meetings focused on the war in Ukraine, its global consequences, illegal migration, combating human trafficking and human rights.
July 3, 2022
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Three Seas Initiative in Riga for Common Ground against Russia
The Three Seas Initiative met in Riga. Austria and eleven other Central Eastern European countries accepted Ukraine as a member of the Three Seas Initiative at the Presidential Summit in Riga. Austrian President Van der Bellen traveled to Riga and appealed for unity against Russia.
June 20, 2022
Austria Goes Back to Coal Power
The Mellach heating power plant in Styria, which is currently shut down, is to be converted so that electricity and heat can be generated there again from coal in an emergency. This was confirmed by Austria's Chancellor Nehammer.
June 20, 2022
UNIDO Strengthens Cooperation Between Italy, UN Agencies and Private Sector
United Nations Industrial Development Organization Chief Gerd Müller traveled to Italy. The aim of the trip was to intensify the cooperation with Italy. Müller met Italian diplomats, representatives of the business community and the United Nations in Rome and signed an agreement with the Italian energy company Eni.
June 19, 2022
Vienna Stock Exchange Prize 2022 Back on Stage Again
This year, for the first time, the Vienna Stock Exchange Award went to the Styrian printed circuit board manufacturer AT&S. Second and third place went to the oil and gas group OMV and the building materials manufacturer Wienerberger. The prize was awarded for the 15th time.
June 15, 2022
Austrian Foreign Minister Schallenberg in Serbia and Kosovo
Austrian foreign policy is always eager in the Balkans, especially in times of the Ukraine war. Austria's Foreign Minister Alexander Schallenberg traveled again to the Western Balkans region, more precisely to Serbia and Kosovo. The talks focused on the impact of the Russian war against Ukraine, the European perspective of the Western Balkan countries and the dialogue between Serbia and Kosovo.
June 14, 2022
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Austrian Chancellor Strengthening Partnership with Estonia
Austrian Federal Chancellor Karl Nehammer met the Estonian Prime Minister Kaja Kallas in Tallinn for working talks. The meeting focused on bilateral relations, digitization, the war in Ukraine and the energy transition of the European Union.
June 10, 2022
Austria Supports Women From Ukraine With Their Integration Into Austrian Working Life
The 100 Women - 100 Opportunities program supports Ukrainian women with their integration into the Austrian labor market. This New COMPASS Support Program was initiated by Austrian Federal Minister for Women, Family, Youth and Integration Susanne Raab, the Austrian Integration Fund, LEA and private businesses.
June 7, 2022
Dignitaries From Vienna in Davos: Recap of the World Economic Forum 2022
The World Economic Forum (WEF) took place and some dignitaries from Vienna attended the meeting in Davos. Read more about the World Economic Forum in Davos in the Recap.
May 31, 2022
Think Tank: Concerns About EU Sanctions Against Russian Oil and Gas
For some time now, the business community has been complaining about the lack of information on how gas and oil will be distributed sensibly in the event of a supply freeze from Russia. The Austrian Economic Research Institute (WIFO) is also concerned about the future of the energy supply and discusses possible solutions.
May 29, 2022
How the Austrian Development Agency Assists in Moldova
The Austrian Development Agency supports the Republic of Moldova. The Republic of Moldova is characterized by an economy specialized in agriculture. However, the country has many political and economic problems, that need to be addressed.
May 23, 2022
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European Central Bank Calls for Action Against Inflation
The European Central Bank is calling for quick action against inflation. The inflation rate shot up to 7.4 percent in the euro area recently, well above the ECB's target of two percent.
May 19, 2022
How China's Global Infrastructure Strategy Undermines European Integration in the Western Balkans and Beyond
The accession of the Western Balkans countries into the European Union continues to be a topic of debate amongst the EU Member States. Read how China's global infrastructure strategy may be undermining these countries' aspirations for EU membership.
May 19, 2022
Protection of the European Single Market: European Commission Wants to Control Third-Country Subsidies
The European Commission has presented a new proposal to combat competition-distorting subsidies from third countries. The background for the proposal is the increasing global imbalance between companies from the EU and those from third countries. This is primarily to counter the influence of China and Chinese companies in Europe.
May 5, 2022
Austria and the Indecision for the Gas Embargo
The war in Ukraine has been raging for two months. To stop Russia, a great many countries have imposed tough sanctions on Russia. Many European countries and the U.S.A. want to impose a gas embargo on Russia. Austria is still very cautious about this step.
May 3, 2022
Austrian Efforts to Support Ukrainian Refugees
Austria is assuring support for Ukrainian refugees. Austria takes care legally, financially and in humanitarian terms that Ukrainian refugees feel welcome in Austria. Read more about Austria's efforts to support Ukrainian refugees in Austria.
May 1, 2022
Reform of the Red-White-Red Card: Facilitation for Workers From Abroad
The Red-White-Red Card, which allows its holders access to the Austrian labor market, is to be made easier to obtain in the future. This was recently announced by Minister of Labor Kocher and Minister of Economics Schramböck. Relaxations in the approval procedure are intended to attract more skilled workers to Austria in the future in order to combat the acute shortage of skilled workers in the country. The Chamber of Commerce and the Federation of Austrian Industries are delighted.
April 28, 2022
How the Ukrainian Humanitarian Crisis Affects Life in Vienna
The humanitarian crisis created by Russia's brutal war in Ukraine can now be felt in Vienna. Read how the crisis is affecting life in Vienna.
April 25, 2022
EU Subcommittee of the Austrian Parliament Discussed on Future EU Economic Policies
The EU Subcommittee of the Austrian Parliament discussed future EU economic policy. The topics of artificial intelligence, digitalization, EU trade policy, the update of the EU industrial strategy of 2020 and the modernization of competition law.
April 20, 2022
EU Commissioner For Energy in Vienna
The Russian invasion of Ukraine shook global energy markets. The EU Energy Commissioner is in Vienna on Monday and Tuesday to discuss the EU's energy outreach in the context of Russia's military aggression against Ukraine.
April 11, 2022
Russian Aggression Against Ukraine Provides Opportunity Against Climate Change
The Russian Invasion of Ukraine has challenged many old structures globally. One of those structures is the energy infrastructure of Europe. The Russian Aggression has put Europe in an energy crisis. This crisis could give momentum to combat climate change.
April 11, 2022
Europe's Energy Dilemma Requiring Austria and Germany to Rethink in Wake of Russian Aggression
Due to the Russian aggression against Ukraine, Europe has to face new questions about energy policy, which had been known for many years but were largely ignored and deferred. The much-discussed gas embargo in recent weeks is to further intensify the sanctions against Russia and its economy. Read more about the current situation.
April 6, 2022
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