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How does that make any difference? In both cases, you loose your job, you live of your emergency savings for 6-12 month (hoping things are resolved in 6-12 months, but I do not think things will be back to normal in 6-12 months in this specific case). Isn't this what the emergency fund is for?

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It holds if, as I said, the rest of the world was business-as-usual. It's not.

One example off the top of my head, groceries are becoming more costly due to supply chain issues from the economic collapse. Savings aren't going to go as far as planned.

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