Traditionally the industrial revolution in Europe was based on coal. They adopted oil from the Mideast around WWI. Natural gas became available from North Sea post WWII.
Chemical companies rely on low cost raw materials and energy. Rising costs force a realignment in Europe. Companies must invest elsewhere to survive. Jobs in Europe require being creative. Autos and EVs seem to be growing. Green energy. Maybe semiconductors. Software? What else?
The adjustment will be painful for many. But times changes. Its not new. Workers are forced to adapt.