Effects of COVID-19 Crisis on the Economic Security in Europe

Abstract

The COVID-19 pandemic has affected the world in unprecedented ways, creating economic and social upheavals alongside the health issues that all the world has had to face unequivocally. These circumstances have not only led to a massive health crisis with hundreds of thousands of people losing their lives across the globe, but also created economic and social dilemmas as people have had to navigate loss of incomes as well as battle isolation and the way they socialise with others. These developments have led to fragmentations within societies on the basis of economic classes, age brackets and nationalities. As a result, the political fabric of many economies of the world has also been challenged. While the pandemic has been undifferentiated as it affected the globe, some economies were able to manage it better than others. One of the hardest hit regions in nearly all aspects of individual and public lives has been Europe. This paper looks at the economic, social, political and health impact of the pandemic on Europe, and identifies the measures that various governments have taken to mitigate these effects.