In a moment that perhaps marks the end of a political era, Hungarian Prime Minister Viktor Orbán called his political rival, Péter Magyar, to concede his defeat Sunday in Hungary’s parliamentary election.

Orbán said that with 53 percent of the votes counted, it was a “clear” and “painful” loss: Magyar is projected to cruise to a landslide with two-thirds of the vote.

The impact on Europe is hard to overstate. The European Union has long viewed Orbán as a thorn in its side over his migration policies and stance on the Russia-Ukraine war. His strong backing of Israel also did not endear him to European countries, which have harshly condemned Israel for its actions in the Israel-Hamas war.

President Donald Trump had signaled his strong support for Orbán, writing in a Truth Social post, “My Administration stands ready to use the full economic might of the United States to strengthen Hungary’s Economy, as we have done for our great allies in the past, if Prime Minister Viktor Orbán and the Hungarian People ever need it. We are excited to invest in the future prosperity that will be generated by Orbán’s continued leadership!”

Early on under Orbán’s rule, Hungary’s economy prospered, but more recently, high inflation and weak business confidence have contributed to a general feeling of dissatisfaction. Nevertheless, Orbán projected confidence throughout his campaign, declaring the election “a great national moment on our side” and saying “I’m here to win.”

However, Magyar had warned during the campaign that Hungary had begun to sever ties with its European allies and that this election would mark a turning point.