Attacked or destroyed suddenly and violently; can also mean extremely drunk or intoxicated.
From German 'Blitzkrieg' (literally 'lightning war'), the rapid attack strategy used by Nazi Germany in WWII. The term entered English during the 1940s and was later extended to mean intoxication.
The London 'Blitz' was the German bombing campaign of 1940-41, and Londoners were so affected by suddenly seeing their city destroyed from the air that they created a whole slang word from it—'blitzed' as drunk comes from the surreal chaos of that time.
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