It's a general recession, potentially leading into a depression. Nobody knows how bad it will get! We haven't yet seen the effect in the US but if the economy tanks here it will triple the effect on Europe with all its current problems.
It's not going to be anywhere near as bad in the US because the US&Canada have plenty energy reserves. The situation in Europe is catastrophic. I expect there will be a major brain drain there the coming decade.
Plus the US probably will benefit from industries moving production from Europe to the US due to the cost of energy, not to mention the boom for American Oil and Gas replacing soviet sources.