Maybe things are not as bad in Europe. We do not make FAANG Palo Alto money but that also means we are not expecting to continue making FAANG money in situations like these. Decent backend developer, ~8 years of experience. Laid off beginning of December, sent out about 18 cold applications since then. I did not hear back from 5 companies, I was rejected (when this happened, usually very early in the process) from 10 companies, and received 3 offers. Ended up with a ten percent raise and five more holiday days than my previous position. Only remote positions.