Coronavirus crisis could cost Germany hundreds of billions

Coronavirus crisis could cost Germany hundreds of billions

The coronavirus crisis could cost Germany more than 500 billion euros (535 billion dollars) and more than 1 million jobs,

a leading research institute said on Monday, as the country’s government prepared to agree a large package of economic measures, according to dpa.

“The costs will probably exceed everything we have seen from economic crises or natural disasters in Germany in recent decades,” Clemens Fuest, the president of the Munich-based ifo institute, said in a statement.

Instead of modest growth, ifo now expects the economy to significantly shrink. The difference could, depending on the scenario, amount to between 7.2 and 20.6 percentage points.

“This corresponds to costs of 255 to 729 billion euros,” Fuest said.