Brussels, 27 February 2020
On the 27th of February, the Commission shared with the Council its first assessment, “The impact of COVID-19 on EU industry”, of the potential impact of the COVID-19 outbreak on EU industry. The Commission drew member states' attention to the importance of sharing all critical information and coordinating any measures taken at EU level.
Since the Coronavirus ‘COVID-19’ was identified in China at the end of 2019, the European Commission has been closely coordinating with EU Member States to ensure a coherent EU-wide response and minimal impact on EU citizens.
Under the leadership of Commissioner Stella Kyriakides and Commissioner Janez Lenarčič, the European Commission is working on all fronts to support efforts to tackle the COVID-19 outbreak. As part of the ongoing assessment of the situation, the European Commission has started to examine the impact on EU industries, assessing the likelihood and the magnitude of possible disruptions in the supply chains and overall decreases in global demand.
The economic impact of the COVID-19 will obviously depend on the duration and extent of the contagion. However, the international spread of the virus is a key downside risk for the growth of the EU economy. The related uncertainty can have significant consequences for EU industry and services as more and more companies are reporting that their supply chains and/or earnings are going to be impacted.
Given this first assessment of the situation for EU industries, the Commission believes that the sharing of information, common assessment of the situation and coordination of urgent measures at EU and national levels are critical.