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Economic Impact of Covid 19 in Europe
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Economic Impact of Covid 19 in Europe
(COVID-19) pandemic is taking another route in the global economic impact of this
current time. It has become the most significant challenge the world has faced since World War
II. Since its emergence in Europe late last year, the virus has spread and caused various impacts
on the economy (Atkeson, 2020). While countries in Europe are finding ways to mitigate the
virus, the scale of improving the economic effects on businesses proves to be difficult due to the
expectations and preferences of consumers. The Government is trying to secure methods to be
used for containing the impact brought about by the pandemic. This paper will evaluate and
analyze the economic effects of significant countries around Europe.
Bans on Various Activities
Europe's Government has imposed bans on various types of activities such as the closure
of factories, museums, hotels, and restaurants plus many other activities hence lower revenue
generation in the country. Due to this action, some firms decided to establish cautious measures
to stay away from infection through shutting of businesses hence resulting in lost earnings for
employees in many cases. Especially in the informal economic sector where paid leave is not
considered, (Baldwin, 2020).Thus leading to reduced income both through supply side and the
demand side due to the weakened movement of people.
Economic Impact on Sports
some public events such as football, tennis, athletics and many other significant sporting
activities being canceled such as the final race of the Audi FIS Alpine Ski World Cup, which
were programmed to set in Cortina d'Ampezzo from March 16 to 22, 2020, were canceled,
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(Baldwin, 2020). Thus the income generation activities such as sponsorship, media rights
distribution and its production are to the point of drying up.
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Reference
Atkeson, A. (2020). What will be the economic impact of covid-19 in the us? rough estimates of
disease scenarios (No. w26867). National Bureau of Economic Research.
Baldwin, R., & Mauro, B. W. D. (2020). Economics in the Time of COVID-19.
Johnson, H.C., Gossner, C.M., Colzani, E., Kinsman, J., Alexakis, L., Beauté, J., Würz, A.,
Tsolova, S., Bundle, N. and Ekdahl, K., 2020. Potential scenarios for the progression of a
COVID-19 epidemic in the European Union and the European Economic Area, March
2020. Eurosurveillance, 25(9), p.2000202