Germany’s economy could suffer losses of as much as €40 billion ($46.4 billion) if this winter is exceptionally cold and natural gas stockpiles are too low, according to a study commissioned by energy company Uniper SE.
The analysis found that a severe cold spell in early 2026 — with temperatures falling 2.2C (4F) below historic norms, as they did in 2010 — could cause that level of economic damage if gas storage sites in northwest Europe are only 75% full. At nearly 83% full, inventories are currently lower-than-usual.