Actually, one might think that Germany is over the hill for now.

After all, the year begins with lots of good news: The gas storage facilities are well stocked and, thanks to the new liquid gas terminals, they can be refilled more easily over the next few months.

Energy prices are falling.

Despite all gas savings, German industry is still producing as much as a year ago.

Even the pandemic has lost its importance to the point that Minister of Health Lauterbach is lifting the requirement to wear masks on trains.

In Germany, more people have jobs than ever before.

Inflation is falling again slightly.

And Finance Minister Christian Lindner can announce that he can probably save billions of euros because he doesn't need all of the "double boom" to combat the crisis, for which 200 billion euros were planned.

Patrick Bernau

Responsible editor for economy and "value" of the Frankfurter Allgemeine Sunday newspaper.

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So it was no wonder that the federal government traveled with five men to the World Economic Forum in Davos: the immediate catastrophes seem to have been averted for the time being.

Managers and entrepreneurs are also taking heart again and are much more optimistic than in the preparatory surveys for the forum.

But while the mood in the Swiss mountains was as bright as the snow in the Davos sun, the next themes were already emerging behind the peaks.

And they will still be expensive for the West.

They can certainly be more expensive than the fight against crises in recent years, if only because they will take so long.

There are two projects that will generate costs in the coming years.

Deglobalization costs money

First, there is the restructuring of the global economy.

It started during the pandemic and has become more important given the strategic uncertainties surrounding China.

All sorts of companies are trying to reduce the weight of China in their business.

It's not just about sales, it's also about purchasing.

Although some raw materials are difficult to replace, factories can also be built elsewhere.

Even IKEA has made its way, although the company only sources a fifth of its products from China.

But if the products are also to come from other countries, it becomes more expensive.

This is "an insurance premium against risks" that you just have to pay, says US trade diplomat Katherine Tai impassively.

The International Monetary Fund is already warning of the costs.

Only if the conversion is done very carefully can the effort be kept within limits, warns his boss Kristalina Georgieva.

"But if we behave like the elephant in a china shop, the costs can rise to seven percent of gross domestic product." That would be more than the great financial crisis once was - and not just temporary, but permanent.

As much prosperity would be lost worldwide every year as Japan and Germany produce together.

The second expensive project is climate protection.

At least that is the view of many incumbent Western governments, and they are willing to accept high costs to do so.