In much of Europe, from Scandinavia to the United Kingdom to France, Spain and Germany, temperatures were unusually cold at the start of winter, and they are about to dive further.

Why is this important: The cold snap is the opposite of what policymakers had hoped for, given that Europe entered the 2021-22 winter season with the smallest amount of natural gas available in at least a decade.

• The colder-than-average weather further raised energy prices and shed light on the flow of Russian natural gas to Western Europe.

Details: Scandinavia is at the epicenter of the cold snap, with temperatures dropping down to -35 ° F in Sweden. Computer model projections show that the cold intensifies through the weekend, with strengthening waves pouring south and west, affecting the most densely populated countries.

Yes, but: There are signs, however, that by mid-December temperatures will moderate to return to seasonal levels.

The context: According to S&P, citing data from Gas Infrastructure Europe, gas storage sites in the EU and UK were only 68.5% full as of November 29, down from nearly 89% at the same period last year.

What they say : “Since the overall level of storage was low before the withdrawal season, this is a very bad sign for Europe, ”Nikos Tsafos of the Center for Strategic and International Studies told Axios via email. “A mild winter has been our best hope to avoid a tense situation this winter.”

• “If this trendline continues, we are heading from a tightening to a crisis.”