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The most elemental answer here is the power of transformative change. At its most pure essence, Marx/ Engels' work is one that advocates for a radical shift in the ownership of the means of production and the allocation of resources within it. This means that leaders in both business and politics were put "on alert" with the messages coming out of the pamphlet. Marx/ Engels are stressing the idea that the time for change is at hand and at the specific moment in the historical dialectic, the material conditions are ripe for change to happen. This would cause European leaders to be scared because it is they who would lose power and have to experience the force of this revolution and change. It is the Status Quo who loses the most in the ideas of Marx/ Engels, reason enough for the European leaders to hold fear in what is being stressed.
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