Europe's soaring car rental prices

The 2020 Coronavirus has been by far the biggest change in most of our lives. While nonchalantly making it's way across the globe, it has reached and affected us all in some way, shape or form. Now that many have gotten a grip on the situation and are finding their new 'normal', many businesses are struggling to stay afloat due to the decline of tourism and government travel restrictions.

Before looking at the end result of the effects on car rentals, I will first describe the reason that car rental companies are struggling with demands. As last year virtually no-one flew off on a holiday and needed a rental car, the demand sank. This in turn, was speculated for this year also, with the companies under-stocking their fleet of cars when the annual orders were placed. Therefore, due to the uncertainty of the volume in tourists, shipping delays on parts and cars, constantly changing government regulations on travel, the market is in turmoil and compensating by inflating prices. 

This summer, CNN has looked into the area of vehicle rentals across Europe to observe the cause and effect of the soaring prices.
A shortage of cars has become evident by the following prices for a compact car for one week. In Germany the average rental is currently at ~$480, while Spain is charging ~$550. However, Italy takes the cake with a staggering $1800.
A spokes person for Olympic Holidays has further confirmed that they noticed many rentals almost doubling in cost over the last year. 
This may be an issue for travelers who decide to rent last minute, however other alternatives such as public transport have remained relatively unaffected across Europe. Therefore, with adequate planning and the array of apps which can assist in either public or private transport allows travelers to overcome this issue without the need to give in to the relatively unreasonable prices.

Let us know in the comments whether this has affected you, and your thoughts on whether the vehicle rental market will be more prepared next year?