The important question is: How long does this last?
Anything about about €150 (maybe even €100) is crippling in the long term for Europe. I struggle to see an end to prices that high anytime before late in the decade.
Certainly, Russia could collapse and we could have some kind of peace but short of that, the LNG isn't coming and there's no way to get enough gas to Europe. Perhaps domestic drilling could return? Or more coal power?
It's a huge challenge and this winter will tell us whether they can meet it.