Coronavirus crisis to cost Germany 255-729 billion euros in 2020: Ifo

FILE PHOTO - The skyline is pictured at the end of the first day under a partial lock down of the city by authorities due to the spread of the coronavirus disease (COVID-19) in Frankfurt, Germany, March 18, 2020. REUTERS/Kai Pfaffenbach

BERLIN (Reuters) - The coronavirus crisis could cost the German economy between 255 billion and 729 billion euros in 2020, the Ifo economic institute said on Monday.

“The costs will probably exceed everything known from economic crises or natural disasters in Germany in recent decades,” Ifo President Clemens Fuest said in a statement.

If the economy comes to a partial standstill for two months, the costs will be between 255 billion and 495 billion euros, Fuest said. With three months of partial closure, the costs would reach 354 billion to 729 billion euros, he added.

Writing by Paul Carrel; editing by Scot W. Stevenson