A nuclear power generating capacity of two hundred gigawatts would generate widespread economic benefits throughout the EU. These include sustaining almost two million jobs and hundreds of billions in additional economic output, tax revenues and household income. These estimates were listed in a report commissioned by Brussels-based nuclear trade body Nucleareurope.
Nucleareurope commissioned Deloitte to analyze the contribution of the nuclear power industry to the overall economy of the European Union (EU). Deloitte assessed current economic and social benefits generated directly through the nuclear industry and effects resulting from the nuclear sector’s economic activities across the EU. The analysis was conducted to cover both the current impact of the industry and provide a measurable outlook on its future benefits up to 2050.
Currently, with a generating capacity of about one hundred and six gigawatts, the EU’s nuclear sector contributes two hundred and seven billion dollars per year to the bloc’s economy and generates yearly public revenues of about fifty-five billion dollars, the study says. In addition, more than eight hundred and eighty-three thousand jobs are sustained in the EU each year through the nuclear sector.
The Economic and Social Impact Report focuses on the three installed nuclear capacity scenarios for 2050 which were included in the 2024 report developed on behalf of Nucleareurope by Compass Lexecon. These scenarios call for one hundred gigawatts, one hundred and fifty gigawatts and two hundred gigawatts.
If installed nuclear capacity in the EU was increased to one hundred and fifty gigawatts by 2050, it would generate over three hundred and eighty billion dollars in annual economic output and support nearly one and a half million jobs across the EU according to the study. Increasing capacity to two hundred gigawatts would generate over four hundred and forty billion in annual economic output and support nearly one million six hundred thousand jobs across the EU.
Nucleareurope said, “The decision-makers now have access to a reliable forecast of the benefits that would be derived from the deployment of a 200 GW nuclear power capacity throughout the Europe Union, while the results are dependent on the construction plan of the new nuclear reactors.”.
Emmanuel Brutin is the Director General of Nucleareurope. He said, “Nuclear is one of the few net-zero value chains that is anchored in Europe, and this is clearly reflected in the figures put forward by this report,” said. “It shows how, by investing in nuclear, Europe can reap the benefits in terms of stimulating economic growth and job creation, alongside ensuring security of supply and meeting the decarbonization targets. As such, it is important that the European Commission provides the right policy framework to stimulate long-term investment in nuclear through, for example, the Nuclear Illustrative Program (PINC) and the next Multi-annual Financial Framework.”.
In April of this year, the European Commission launched a four-week call for any evidence related to the investment needs of the nuclear power sector in the EU. This will be an important part of the consultative process and an opportunity for input from stakeholders and the public. The feedback received through this exercise will be part of the Commission’s work in preparing the update of the PINC, which is expected to be published before the end of 2025.