Fear is best word to describe that I hear from US and some EU developers.

As most IT companies went to distant work they started to realise that reallife communication skills are not so extremely important (of course they are, but much less than usual HR department thinks), English can be not so good and similar things. But most importantly - they realised that it is tons of quite good developers that you can get much cheaper in other countries.

Multiple developers already got some requests to think about reducing their payment, some companies very gently push people to move to cheaper states or cities.

But special fear among not top level developers comes from India, China and exUSSR. As it is lot of good level developers with good enough english knowledge that agree to work for much much less.

I know few examples where 1-3 years ago companies disbanded their EU or US teams and proceeded with few leading people and lot of Indian programmers (of course, they tried to select better ones). Initially all thought it will be total failure, but quite soon it became clear that while some features became hard to do, overall pace and new features quality improved.