​‘Worst crisis since the second world war’: Germany prepares for a Russian gas embargo

The Kasimovskoye underground gas storage facility, operated by Gazprom in Russia.

“An embargo on Russian natural gas could cause Germany’s economic output to drop as much as 5 percent this year, the Bundesbank warned on Friday, potentially driving the country into a recession while pushing up already high consumer prices. The central bank’s predictions, largely in line with those of several economic institutes, also served as a warning of the danger that Europe’s largest economy could face if Russia decides to cut off gas exports to Europe. The central bank said its predictions were couched in uncertainty, given the unpredictable nature of the crisis surrounding Russia’s invasion of Ukraine. ...”

NY Times: Germany’s economy is expected to contract under a Russian gas embargo.

W - Russia in the European energy sector

CNN: Germany faces $240 billion hit if Russian gas is cut off (Video)