Not only this; Europe is heading towards pretty rough waters in short and long term. Cheap energy from Russia will have to flow somewhere and it will be not Europe. Europe needs this cheap energy though to keep its competitive advantage. Instead countries such as China and India will get yet another edge and will be able to compete even further.

In the short term we will see civil unrest and populism rising as this war against Russia is currently mainly supported by Western propaganda. I give it 3-6 more months until oppositions start to form.

Sanctions against Russia sure work, but they are cracking, too. Exceptions are being made already, gaps are filled by Chinese competitors, 80% of Russians are supporting this "operation" and see the reasons given by President Putin confirmed. Those people know how to suffer, remember the Crazy 90s when the West was celebrating in ecstasy while the Russians lost all their money, went down into a corrupt mafia swamp, GDP fell to 1960s levels, braindrain set in, life expectancy fell by 10(!!!!!) years? The Russians can suffer, the West cannot.

My worst case prediction is that Europe will be the loser of this conflict: populism, stagnation, GDP growth WAY below the US and China, Euro-crisis, inflation, political fights and blocks between EU member states, constantly high energy prices at 50 cents per kwh, loss of utopia, further fragmentation, migrant crisis.

Best case would be to demilitrize Ukraine, make a deal with Russia and go back to what is was before. Accept that Russia felt threatened by NATO, address this. De-couple from the US, make Europe strong, create our own army and nuclear deterance, but not expand towards Russia. Make proper contracts with them and adhere to them. But this is not acceptable because of PUTIN=HITLER arguments.

Real politics is dead. Value politics are killing us.