Europe is heading for recession. How bad will it be?

warning light is flashing red. Russia’s war on Ukraine, an uneven recovery from the covid-19 pandemic and a drought across much of the continent have conspired to create a severe energy crunch, high inflation, supply disruptions—and enormous uncertainty about Europe’s economic future. are rushing to try to help the most vulnerable. Amid the nervous confusion, there is broad agreement on one thing: a recession is coming.