●For approximately 500 days (in 2021–2023), Europe was gripped by an unprecedented energy crisis that was characterised by record-high prices—especially for natural gas. ●Supply issues induced by the changing geopolitical landscape have been the central cause of the crisis.●After reaching an extraordinarily high level of €311 per MWh in the summer of 2022, natural gas prices have dropped by more than 80% by winter 2023, but they remain more than two times higher than their long-term historical average.●Europe has managed to withstand the most acute phase of the crisis but at a rather large cost.●Overall, Europe has adapted and managed to accumulate substantial natural gas inventories, but t
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