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Ozone gas is formed continously by the action of UV rays on molecular oxygen and also degraded into molecular oxygen in the stratosphere. There should be a balance between production and degradation of ozone in the stratosphere. But this balance has been disrupted lately due to enhancement of ozone degradation by chloroflurocarbons (CFCs).  Whatever CFCs are added to the stratosphere, they have permanent and continuing effects on ozone levels. So in short, the depletion of ozone is occuring at a much higher rate than the formation of ozone. This results in the ozone hole.