On August 22nd local time, Italian media reported that if Russia stops gas supplies in August, it could lead to eurozone countries running out of gas reserves at the end of the year, with Italy and Germany the two most at-risk countries losing 2.5% of their gross domestic product, citing an assessment by the European Stability Mechanism.
According to the analysis, the cessation of gas supplies from Russia could trigger energy rationing and economic recession in the eurozone countries. If no measures are taken, the eurozone could lose 1.7% of its GDP; if the EU requires countries to reduce their gas consumption by up to 15%, the loss of GDP for the eurozone countries could be 1.1%.
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