Most obvious is the destruction of the Nord Stream pipelines ceasing low cost gas supply from Russia, immediately shifting the cost of energy up for the next 5 to 10 years.

Under this scenario, corporations will reassess their competitiveness and given the timeframe, look to move operations to a lower cost environment such as US or Asia.

Productivity is therefore set to fall in Germany in the immediate term or rebalance downward.

This will be very painful but also relates to poor energy security planning. Germany by now should be 100% nuclear powered being a highly developed country.