We study the mental health of graduate students and faculty at 14 Economics PhD programs in Europe. Using clinically validated surveys sent out in the fall of 2021, the second year of the COVID-19 pandemic, we find that 34.7% of graduate students experience moderate to severe symptoms of depression or anxiety and 17.3% report suicidal or self-harm ideation in a two-week period. A U.S. study done in 2017 across 8 top-ranked departments found the prevalence rates to be 24.8% and 11.3%, respectively. Only 19.2% of students with significant symptoms are in treatment, compared to 25.2% of students in the U.S. study. Among faculty, 15.8% experience moderate to severe depression or anxiety symptoms (31.4% among untenured, tenure-track faculty).