Nuclear dreams with a long half-life
Vienna, April 25, 2026 — Nuclear energy is making a comeback. Four decades after the Chernobyl disaster and 15 years after Fukushima, we are witnessing a renaissance of nuclear power in Europe. France is building new reactors, Poland is planning its entry, and even in Germany, voices are growing louder for a return. The arguments sound compelling: low-carbon electricity, security of supply, independence from Russian gas. However, behind the nuclear glow lie old problems with new price tags.
Flamanville's Billion-Dollar Graveyard
The reality of nuclear power is most evident in France. The European Pressurized Reactor (EPR) in Flamanville was supposed to go online in 2012 and cost 3.3 billion euros. In reality, it wasn't finished until 2024 – with total costs exceeding 13 billion euros. Olkiluoto in Finland and Hinkley Point C in Great Britain tell similar stories. The latter is now estimated to cost 46 billion pounds. These are not outliers, but the pattern. Large nuclear projects in the West regularly exceed budget and schedule by many times.
The Hope of Small Reactors
The nuclear industry is now focusing on Small Modular Reactors (SMRs). These smaller units are intended to be prefabricated in factories and built more cheaply. It sounds convincing—except that no commercially operated SMR yet exists in the West. The flagship U.S. project NuScale was halted in 2023 due to exploding costs. The technology is promising on paper but far from market readiness. And even if SMRs work: the final disposal question remains unsolved. Highly radioactive waste radiates for hundreds of thousands of years. No country in the world currently operates a permanent disposal facility for these materials.
Austria's clear stance
Austria remains firm in its "no" to nuclear power – and has good reasons for it. The country already covers over 80 percent of its electricity needs from renewable sources, primarily hydropower. The Alpine Republic is focusing on the further expansion of wind and solar energy. The numbers speak for this path: photovoltaic electricity now costs an average of 30 to 40 euros per megawatt-hour, while new nuclear power costs between 100 and 150 euros. Renewables can be built in months, while nuclear power plants take decades. And they don't produce waste that will occupy our descendants for another 10,000 years.
Europe's Divided Energy Future
The EU is deeply divided on this issue. France, Poland and several Eastern European countries are pushing for nuclear power to be treated equally with renewable energies. Germany, Austria and Luxembourg are rejecting this. The dispute has tangible financial consequences: it's about billions in EU funding and favorable loans. The nuclear lobby has gained momentum again after the 2022 energy crisis. It presents nuclear power as a solution for climate protection and energy security simultaneously. Critics warn of an expensive dead end.
The Two Sides of Power
The nuclear renaissance is primarily a battle for narratives and billions. On one side are corporations and states that have already invested vast sums in nuclear power and need to justify these investments. On the other side, market data clearly shows that renewable energies are currently the cheapest form of electricity generation and will continue to become so. The decision for or against nuclear power is not purely technical – it's about power, money, and the question of who controls Europe's energy future. YANUS will continue to monitor this topic.
