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The Economic Costs of the Coronavirus Shutdown for Selected European Countries: A Scenario Calculation

Author

Listed:
  • Florian Dorn
  • Clemens Fuest
  • Marcell Göttert
  • Carla Krolage
  • Stefan Lautenbacher
  • Robert Lehmann
  • Sebastian Link
  • Sascha Möhrle
  • Andreas Peichl
  • Magnus Reif
  • Stefan Sauer
  • Marc Stöckli
  • Klaus Wohlrabe
  • Timo Wollmershäuser

Abstract

This paper presents scenarios of the shutdown costs in terms of lost value added for Austria, France, Italy, Germany, Spain, Switzerland and UK. The shutdown phase will lead to considerable production losses and large declines in GDP this year. Lasting longer than a month, the losses within the EU quickly reach dimensions well beyond the growth slump of previous recessions or natural disasters. Shutdown costs justify almost every conceivable investment in health policy measures which allow to combine a resumption of production with further fight against the epidemic.

Suggested Citation

  • Florian Dorn & Clemens Fuest & Marcell Göttert & Carla Krolage & Stefan Lautenbacher & Robert Lehmann & Sebastian Link & Sascha Möhrle & Andreas Peichl & Magnus Reif & Stefan Sauer & Marc Stöckli & Kl, 2020. "The Economic Costs of the Coronavirus Shutdown for Selected European Countries: A Scenario Calculation," EconPol Policy Brief 25, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
  • Handle: RePEc:ces:econpb:_25
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    File URL: https://www.ifo.de/DocDL/EconPol_Policy_Brief_25_Corona_costs_Europe_1.pdf
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    Cited by:

    1. Palomino, Juan C. & Rodríguez, Juan G. & Sebastian, Raquel, 2020. "Wage inequality and poverty effects of lockdown and social distancing in Europe," European Economic Review, Elsevier, vol. 129(C).
    2. Anton Pichler & Marco Pangallo & R. Maria del Rio-Chanona & Franc{c}ois Lafond & J. Doyne Farmer, 2020. "Production networks and epidemic spreading: How to restart the UK economy?," Papers 2005.10585, arXiv.org.
    3. Otilia Manta, 2020. "Measures and Possible Support Solutions of the Sustainable European Economy in the Context of Actual Crises," European Journal of Marketing and Economics, European Center for Science Education and Research, vol. 3, May - Aug.

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