I can't fathom what life is like in such a small country. If 1 major company goes out of business, does it cause chaos? High unemployment and lower tax revenue sounds like any moment the country could find itself in an economic depression. In my local area this almost happened.
Yes, the fall of Nokia (even though it didn't go completely out of business) had a big impact, especially in some regions. Here is a rough timeline: https://www.quora.com/How-has-the-decline-of-Nokia-affected-...
We are told of Utopia in Europe, but aren't told these stories.