Since 2020, the world has faced two unprecedented shocks: lockdowns (regulation) and the invasion of Ukraine (war). Although we realise the health and economic effects of these shocks, more research is needed on the effect on happiness and whether the type of shock plays a role. Therefore, in this paper, we determine whether these macro-level shocks affected happiness, how these effects differ, and how long it takes for happiness to adapt to previous levels. The latter will allow us to test whether adaptation theory holds at the macro level.