In the summer of 2012, an industrial accident shut down a small portion of a chemical plant in Germany.
Normally, such an interruption would be of little importance. This particular string of reaction vessels, however, were the world's only source of a boutique polyamide that as used in the fuel lines of most of the automobiles sold in the developed world.
This particular PA had the exact balance of crystalinity/amorphous, molecular weight and cross-linking so-as to be impervious to hydrocarbon vapors and yet remained flexible between -60F and 350F.
Within hours of the news leaking out, arbitrage buyers were bidding up every tote of that specialty PA on the market as the world's automakers were trying to secure the resin they needed to make fuel hoses.
This is not to say that other types of plastic were not suitable, or that some combination of plastics could not be co-extruded to provide similar performance. This was because various US Federal and EU regulations produced a heavy burden of validation. Selling products that failed to meet emissions mandates, even some 10 years into the future, would produce financially crippling fines.
To the best of my knowledge, the chemical company was able to repair the damage and start producing the PA resin before any major manufacturers' production was impacted, but it was a close thing.
The point of this rambling story is that the EU is an expensive place to do business and the companies that manage to stay in business do it by producing hundreds and thousands of critical, boutique, smallish-volume items that cannot be easily outsourced to commodity producers.
For example, the EU produces many of the pigments and tints used in paints. You might not think it is a big deal but what if you cannot open your shopping mall because OSHA Yellow and OSHA Blue paint are not available to mark off the handicapped ramps and parking areas? As the owner of the shopping mall, you cannot open the mall because you do not have the number of handicapped parking places defined as REQUIRED BY FEDERAL LAW but you will still have to pay the monthly nut.
The ripples of the Nordstream pipeline sabotage will spread to this continent and will likely touch every person before the first robins of spring sing in the apple trees.