by the American consultancy firm McKinsey today warned that the COVID-19 pandemic could leave up to 59 million jobs at risk in Europe – a total of 27% of the workforce in the European Union and U.K.
“With economic activity in many sectors having ground to a near standstill, many businesses are struggling to uphold their financial obligations,” the report, based on an examination of the industries, occupations and people most vulnerable to the economic fallout, reads. “And with uncertainty looming large, many companies are considering adjustments in their workforce.
Christel Lerche at Hairdresser Hot N Tot reopens and welcomes the first customers, in Bagsvaerd near Copenhagen, April 20, 2020.The most high-risk occupations have workers who are used to working in close proximity with others, such as in the accommodation, food, retail and arts industries. Younger workers are also at a higher risk of losing their jobs, according to the report.
Most European economies took nearly ten years to recover from the shock of the 2008 financial crisis, and the expected fallout of coronavirus is expected to “far outstrip that of the financial crisis,” according to the report. “The economic shock from COVID-19 is truly unprecedented, and unparalleled with even the global financial and Eurozone crises. It is the most severe economic event to hit Europe since the Great Depression,” Sahil Tesfu, an associate partner in McKinsey’s Munich office and one of the report authors, told ABC News. “However, first and foremost this is a public health issue which must be effectively tackled.
The lives of all people are more important than a job. What good is going back to work if u get Coronavirus and have to be in isolation again?
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