The high energy prices and rising costs of living after Russia’s gas supply squeeze in Europe put its wealthiest nations on the verge of civil unrest over the winter, according to risk consultancy Verisk‘s report.
What Happened: Verisk’s report said its civil unrest index found more than 50% of the almost 200 countries covered experienced an increase in mass mobilizations risk between the second and the third quarter of 2022, Reuters reported.
“Over the winter, it wouldn’t come as a surprise if some of the developed nations in Europe start to see more serious forms of civil unrest,” Verisk Maplecroft’s principal analyst Torbjorn Soltvedt told the publication.
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The report noted that Germany and Norway are some of the developed economies experiencing disruptions to everyday life because of labor woes. Other countries with a projected increase in risk included Bosnia and Herzegovina, Switzerland, and the Netherlands.
This came after Vladimir Putin’s invasion of Ukraine led to a sharp rise in food prices, and the cutting down of gas supply by Russia has led to Europe finding itself at the center of the fallout.
“And we still have some of the fallout from the COVID pandemic playing into this, with existing supply chain disruptions,” chief analyst Jimena Blanco said.
Meanwhile, earlier this week, Russia halted gas supplies via Europe’s key supply route, citing technical reasons for supply cuts. While Brussels has accused Moscow of using energy supplies as a “weapon of war.”
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Image and article originally from www.benzinga.com. Read the original article here.