No this does not mean Europe will freeze, and honestly this was never going to happen. Worst case is lots of companies will fail. See: https://www.bloomberg.com/news/articles/2022-09-27/europe-is...
What do you expect the politicians to do? Say that we're fucked because they didn't want to negotiate? ...so we can protest and replace them before we're actually fucked? Or lie about being ready, until it's obvious we're not ready and we're fucked, and with a destroyed pipeline, we cannot even negotiate anymore.
We're talking about people who couldn't even get masks during covid.