You must never see the EU as a whole in which everyone lives in the same way, has the same wages and the same standard of living. The West of the EU is far more developed and has a higher standard than the rest of the EU, and in my opinion they will have to lower their standard of living a little, but they will not find themselves in a critical situation in any respect.
If you look at the minimum wages in the EU, you can notice a more than obvious difference in the relationship between West and East, and the paradox is that the prices of services or products in the West are similar to those in the East of the EU. Those who work for a minimum wage of 500-600 EUR really feel inflation and price increases, whether it is electricity, water or gas, or basic foodstuffs.
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In general, I would not say that there is any kind of panic in the EU - because my country records record results in tourism, money is spent as if there is no tomorrow. I think that after 2 years of all anti-pandemic measures, people don't really care what will happen in 3-4 months, because realistically they can't change anything.