That 25% is not really a big deal.

This is what happened here in Finland couple of years back:

Before the new law that says you must pay cigarette tax for e-liquids, you could buy 100ml of 100mg nicotine base for 14€.
Now you can get max 20mg in 10ml bottles and they are 7€/bottle.

So to get the same amount of nicotine you need to get 50 of those 10ml bottles, so 50 x 7€ = 350€. Basically the price of nicotine went up 2500%.

Tough but fair…