Risk consultancy firm Verisk Maplecroft are warning that even the wealthiest countries in Europe are struggling to make ends meet over the soaring cost of living.
Since Russia invaded Ukraine food, energy, fuel and many other items have all soared in prices making daily life unaffordable for millions.
Experts at the firm have warned that Europe could “start to see more serious forms of civil unrest” and Germany and Norway who are developed economies are already seeing daily disruptions.
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On the civil unrest index, Verisk’s latest report which studied 198 countries warned that over the past few months there is a risk of mass mobilisation and Bosnia and Herzegovina, Switzerland and the Netherlands face the largest increase in risk.
The Verisk report said, “The impact is evident across the globe, with popular discontent over rising living costs emerging on the streets of developed and emerging markets alike, stretching from the EU, Sri Lanka and Peru to Kenya, Ecuador and Iran.”
The report warned that the “most explosive civil unrest” will likely occur in places where “the ability to shield populations from the rise in living costs are limited.”
Verisk Maplecroft’s principal analyst Torbjorn Soltvedt said: “Over the winter, it wouldn’t come as a surprise if some of the developed nations in Europe start to see more serious forms of civil unrest.”
Chief analyst Jimena Blanco added, “And we still have some of the fallout from the COVID pandemic playing into this, with existing supply chain disruptions.”
The report added, “Only a significant reduction in global food and energy prices can arrest the negative global trend in civil unrest risk.
“Recession fears are mounting and inflation is expected to be worse in 2023 than in 2022.”