“Economic damage already 40 billion”

The Flemish employers’ organisation Voka is sounding the alarm: the corona crisis has already cost Flemish business 40 billion euros.

Voka surveyed its members with regard to the economic damage resulting from the crisis.  It came to the worrying conclusion that this economic damage is increasing exponential.  The number of businesses where turnover fell by over half doubled in only a week.

“We are anticipating a recession of around 7% if the measures are extended till the end of April.  The risk is this crisis could be three times as bad as the 2008-9 financial crisis” a Voka spokesman said.

Voka expresses thanks for the government measures, but is proposing three new measures: a bonus for people working outside the home, a guaranteed one month’s salary for anybody who falls ill to be paid for by the government and allowing people on temporary unemployment benefit to do a second job.