That means red alert.

Red alert for the German economy. After months of speculation, it is now official: Russia is turning off the gas tap on the Nord Stream 1 pipeline indefinitely. Germany is facing difficult times. Not only a cold winter is looming, but an industrial ice age.

German economy to shrink all winter as gas taps are turned off, Bundesbank says – The German economy is contracting already and will likely get worse over the winter months as gas consumption is cut or rationed, the country’s central bank said on Monday.