Gas price are still twice as high as four years ago. Whole industries are collapsing because electricity is too expensive for factories. Personally, just heating my home has become very expensive.

Europe is deindustrializing. Especially Germany, the EU economic engine, has been hit hard. So yes, the word crisis is used correctly here.

> For instance, BASF, a global chemical giant, recently announced plans to downsize its operations in the country with the reason being unbearably high energy prices in Germany. Now, the company is shifting its focus toward expanding its production efforts in China and the U.S. to access more stable energy costs. Germany’s prime power- the Automotive industry, is also struggling due to immense pressure caused by rising energy costs. A recent study revealed that energy costs for Germany’s automotive sector increased by 20% in 2022 and a similar trend followed in 2023. https://ceinterim.com/deindustrialization-in-germany/