The collapse of the Austro-Hungarian Monarchy after World War I produced several forms of litarary treatments of this “finis Austriae” by most of the authors of “Vienna Modernism,” e.g. by Arthur Schnitzler and Leo Perutz. Their texts will be analysed under the aspect of the narrative presentation of the historical trauma of the end of Habsburg Monarchy. Both authors outline a structure of “before” and “after” in their narrated worlds where the seemingly stable and idyllic situations bear also hidden tensions and controversies. The narrative methods of unreliability, intertextuality, the complexity of conflicting points of view etc. reveal the deep scepticism and frustration of the two authors concerning all idealization of the Monarchy, and this manifests also the general lost of confidence in historical transformations.