High-dose irradiation of nanostructures consisting of multiple graphene shells, such as spherical 'carbon onions' (CO) or cylindrical multi-walled carbon nanotubes (MWNT), induces shell shrinkage by bond reconstruction around irradiation-induced defects. This leads to build-up of internal stresses and to extreme pressures acting on encapsulated materials or on the carbon cores of the nanostructures. We formulate a model which relates the build-up of internal stresses to the point defect dynamics in graphene shells. Calculations are performed for the special case of irradiated CO. The results are in good agreement with experimental findings.