German magazine Focus reports that the iPhone 3G is completely sold out across Europe and that new inventory would not arrive until October. This would mean that iPhone fans would have to spend the summer without the new iPhone 3G if they did not pick one up yet.

The magazine says that they got the information about the dramatic iPhone 3G shortage from a manager at Apple.

iPhone 3G phones are still available in the U.S., amidst shortage, but it seems Apple is still able to re-stock some of their stores each day. AT&T stores are apparently without iPhone 3G inventory and this could last until August says analyst Piper Jaffrey.
More details on Focus (German).

If the iPhone 3G shortage is really takes several months you can still find comfort in the fact that the current iPhone 3G firmware still has bugs, which will surely be fixed by October.