A question from Yahoo! Answers:
What effects did World War I have on Europe?
In a nutshell, WWI laid Europe to waste. In many respects, the damage done to the European economy during WWI was worse than that inflicted by WWII… At the end of WWI, Europe actually experienced widespread famine…
Read The Economic Consequences of the Peace by John Maynard Keynes, it describes the impact of the war on Europe in quite some detail: