After unexpected shutdown of my Mac, UTM VMs (that were running at that time) failed to start with following message “Entering emergency mode. Exit the shell to continue”,

After digging a little it turned out that the problem was a corrupt boot drive.

---

To fix it:

Restart the VM in UTM

In the boot menu select the rescue boot option

Now run

xfs_repair -L /dev/mapper/centos-root

Restart the VM again and can use the normal boot option.