What consequences if risk-free long-term interest rates become attractive again for investors in the euro zone?

The return to a more inflationary economy, due to increasing scarcity, will bring risk-free long-term interest rates in the euro zone back to an attractive level for investors, which has not been the case since the early 2010s. What will be the consequences of this return of risk-free interest rates to a more attractive level? Obviously, investors switching from risky bonds to risk-free bonds, leading to an increase in risk premia and an increase in funding costs for risky borrowers (High Yield companies, companies carrying out LBOs, CLOs, etc.); A widespread investor switch from equities to bonds, leading to an increase in equity risk premia; A return of traditional financial products (life insurance euro funds); A downward correction in the valuation of assets linked to long-term interest rates (equities, real estate, companies, etc.).