The holiday shopping season could be marred by out-of-stock goods and shipping delays as the floods in Europe and China hit already strained supply chains.
The flooding has the potential to throw another wrench into the mix for the auto industry, which is already reeling from a semiconductor shortage.Several companies, including, have declared force majeure. A force majeure event occurs when unforeseeable circumstances, such as natural catastrophes, prevent one party from fulfilling its contractual duties, absolving them from penalties.
Some of the worst-hit industries from the floods include autos, technology and electronics, according to those that CNBC spoke to.Car production is likely to be hammered by manufacturing delays as many of the world's major automakers and their suppliers are based in regions devastated by the floods. "The flooding has the potential to throw another wrench into the mix for the auto industry, which is already reeling from a semiconductor shortage," Pawan said.
Manufacturing facilities in Germany, the Netherlands, Luxembourg and Belgium are expected to bear the brunt of the damage from the floods, supply chain risk management firm Everstream told CNBC via email. Many suppliers that provide specialized parts for the auto, technology and aerospace industries are based there, said Shehrina Kamal, vice president of intelligence solutions at Everstream.
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