COVID-19 in the European Union: health impacts and effects on economic activity. Bruegel WORKING PAPER | ISSUE 13/2022 | 19 JULY 2022.

Cadamuro, Leonardo and Marcus, Scott and Papadia, Francesco (2022) COVID-19 in the European Union: health impacts and effects on economic activity. Bruegel WORKING PAPER | ISSUE 13/2022 | 19 JULY 2022. [Working Paper]

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Abstract

This paper quantitatively describes different aspects of the COVID-19 pandemics: new cases, hospitalisations, intensive-care admissions and deaths, while illustrating their changing relationships over time. It then assesses how the different variables have affected relevant sectoral and macroeconomic indicators. Finally, it concludes that, from an economic perspective, what matters when it comes to managing the pandemic is to prevent intensive-care admissions and deaths arising from COVID-19. The success of vaccination should be measured in terms of its ability to prevent the most serious consequences, rather than its ability to prevent infections and hospitalisations.

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