Austria has long been considered a European success story: a land-locked country on the losing side of World War Two, which emerged from ten years of post-war occupation as one of the EU’s richest member-states, a symbol of social consensus and political independence at the heart of Europe. But in the 2020s, the forward march of the far-right populist FPÖ threatens the return of old demons: extreme xenophobic racism, and economic and political instability. The governing partnership between Austria’s youngest-ever Chancellor and the extreme-right party lasted less than two years, but has left a wreckage of corruption scandals, including an ongoing investigation of fraud at the top. A cosy relationship with Russia, particularly President Putin, has cast a shadow over Austria’s neutrality and reputation as a reliable EU partner. Belated confrontation of the Nazi past and the lingering legacy of the imperial nobility further muddy the waters, while the long decline of social democracy — the bedrock of post-war nation-building — has been equalled by the weak performance of the ruling conservative–green coalition, damaging trust in democracy. Mixing personal memories with high political drama, Paul Lendvai reveals the knotted web of forces which have driven Austria to its current perilous state.