It’s a falling chain of energy dominoes—one in which each tile is worth many billions of euros. A failed utility here, a nation’s energy supply there. When the dust settles, the total bill for rescuing the European energy market this winter will easily top US$200 billion.

This may sound flippant, and it’s admittedly a rough estimate. But the calculus is conservative and based on what we know today. It doesn’t cover the worst-case scenario of both Russia fully shutting down natural gas supply to Europe and a colder-than-average winter.

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