Who will pay for the coronavirus financial cost?

A large section of European youth responded seriously to the call for physical distancing and to be locked up at home, in an effort to contribute to limiting the spread of the disease.

But now this generation is feeling more and more nervous and worried about the future and the economic situation, experts say.


Experts say the economic consequences of pandemics could create generational conflicts.

There have also been young people who have resisted orders. Some have gathered for the "festive evening of the coronavirus", others have frequented each other's homes to socialize.

Scientists and officials condemned these practices, while some young people spoke cynically of pandemics as an opportunity to cleanse the world of the older generations.

While Europe is expected to go through the worst depression since the 1930s, the chances of employment and career growth are very low for the millennial generation and the 20-year-old generation. These generations are expected to face difficulties in life for a long time. This, experts say, could shape European political developments.

"I and my friends feel overwhelmed by these ongoing crises that have hit our generation, this death row to find work, home. The threat of global warming, the social impact, will all have serious consequences, "said Joanna George, a millennial.

In a commentary in the London daily The Times, she writes: “The economic and social consequences of coronavirus are becoming increasingly clear to all, but especially to the millennial generation and the younger generation who will live for decades with the economic burden on their shoulders burdened by the weight of other crises ”.

The youth was hit hard by the 2008 recession. Britons in their 20s and 30s suffered the deepest drop in wages compared to any other age group in the labor force. Inflation in the housing market makes it impossible for them to buy houses. Coronavirus is expected to make the situation worse.

Last week, British Finance Minister Rishi Sunak warned: "It will be a difficult situation. "The economy is going to be hit hard."

Analysts predict a 13% contraction this year of the British economy as a result of the closure of the activity. This would be the worst recession in three centuries. Public debt is expected to reach post-World War II levels.

Across Europe, the situation is dire.

Even before the epidemic, unemployment among the youth of the Eurozone was 19-25%. In Spain, Greece and Italy over the last decades it has reached up to 40%.

Even those young people who are employed find themselves with temporary jobs, without the possibility of advancement, with reduced hours. The 20- and 30-year-olds before the epidemic were in worse condition than their parents at the same age.

Unemployment on the European continent remains a persistent problem, which analysts see as a factor in bringing the far-right forces to power.

Today's youth will now bear the brunt of the public debt that was raised by the anti-coronavirus measures.

Debates have begun over how to share this burden between generations, urging the older generations, who have benefited from the colossal increase in housing prices, or who have significant pension funds, to pay a portion of the cost.

The Social Market Foundation, a research group in Britain, has called for a "fair sharing of the economic burden between generations."

Budget reduction programs should not burden the social system for the working class, protecting retirees, as happened after the 2008 crisis. The group argues for tax increases on property value and monetary wealth.

"Isolation measures have hit British working-class people hardest, who for years have suffered the consequences of rising taxes, cutting government programs and slowing down economic activity," said Scott Corfe, director of the Foundation. "The company made the right decision by stopping the activity to protect pensioners who are at risk from the epidemic. The situation required sacrifices from all generations, and the financial cost of the epidemic will require sacrifices from all generations. "/ VOA /