Covid vaccine: delayed vaccination campaign could cost Europe billions

Published by Laurent P. · Published on 9 February 2021 at 15h09 · Updated on 10 February 2021 at 13h32
Delayed vaccination campaign within the European Union could cost billions to the 27… According to Euler Hermès experts’ calculations, it could cost between 100 million and 3 billion depending on the countries and per week of lockdown, for a total that could reach up to 90 billion euros for 2021.

Covid vaccine delayed deliveries could cost a lot to European countries… According to Euler Hermes office experts, delayed vaccination campaigns in each EU countries – therefore extending lockdown measures – currently cost between 100 million and 3 billion euros per week of lockdown, for a total that could rise up to 90 billion euros for 2021.

The reason of the delay? A logistics problem for Pfizer and Moderna that cannot supply the number of doses scheduled by the calendar set up with European officials. An industrial issue for AstraZeneca that then led a “commercial war” with the European Union. As recalled by L’Expansion, attacked on its vaccination policy as for the purchase of vaccines, Brussels said they have negotiated “more advantageous rates with all laboratories” and insisted on producing the vaccine on European soil.

Lockdown has also had a bigger economic impact on some countries… This is the case in Spain and France that are to endure a greater cost. For the 27, the weekly loss of 0.4 quarterly growth point on the European level. This data could eventually increase to two quarterly GDP points because of the current delay in vaccination.

For the record, the European Union still aims at vaccinating 70% of the population by the end of the summer 2021. A vaccination pace that will have to bee speeded up to stay on course since, according to Euler, “European countries are five weeks late on their initial calendar”. An issue that will be settled only if vaccines make it in time.

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