.
.
.
.
Coronavirus

Delay in vaccinations could cost EU economy $108 bln, says study

Published: Updated:

The European Union faces a potential 90 billion euro ($108.19 billion) hit to its economy this year unless it catches up with the pace of COVID-19
vaccinations in other regions, a study showed on Wednesday.

For more coronavirus news, visit our dedicated page.

EU governments are under fire over a slow start to vaccinations in the bloc, with critics pointing to progress made in Britain, Israel and the United States as evidence of a planning failure in Brussels and elsewhere.

For all the latest headlines follow our Google News channel online or via the app

To reach a goal of 70 percent immunity in adults by the summer, the EU would need a six-fold increase in the rate of vaccinations, according to the study by insurance group Allianz and credit insurer Euler Hermes, seen by Reuters ahead of publication.

Read more:

EU seeks to boost credibility despite slow vaccine rollout

EU toughens rules on entry for non-EU visitors to contain new coronavirus infections

Pfizer-BioNTech to deliver 75 mln COVID-19 vaccine doses to EU in second quarter

At the current pace, herd immunity would not be achieved before 2022, the study said, adding that the longer it takes to vaccinate Europe’s population, the longer the economy will be hampered by restrictions and lockdowns.

“One euro that is spent on speeding up vaccinations (though infrastructure, increased vaccine production) could avert four times as many euros in losses,” it said.

EU Commission chief Ursula von der Leyen on Tuesday said that the EU had lagged rivals by three to four weeks because of a more rigorous approvals process. Supply problems should ease in the second quarter of 2021, but increasing production remained a challenge, she said.