In trying to solve any problem you need to know how bad it is first. While we are all cocooned in 5 kilometre zones around our dwellings, its probably difficult to picture the economic devastation that is unfolding on the streets of Ireland.
However 3 regional authorities have been working on an economic model to show the likely regional breakdown of the impact.
Galway looks set to fare the worst of the cities.
As per the latest estimates from the Department of Finance, the Irish economy is now projected to decline by 10.5 per cent this year, unemployment is expected to rise to 22 per cent by the second quarter of 2020, while the public finances are expected to record a deficit of around €23 billion.
While it is clear that the Covid-19 outbreak will have a significant impact on Ireland’s economy, the degree to which this impact will be felt across Ireland’s regions, counties, cities and towns remains to be seen, but a scary projection has been delivered.
The three Regional Assemblies of Ireland have prepared a “COVID-19 Regional Economic Analysis” to identify which geographical areas in Ireland are more likely to be exposed to economic disruption caused by the necessary measures to prevent the spread of COVID-19.
Using a variety of data, the Assemblies of Ireland identified each geographical area’s reliance on the sectors that are likely to be severely affected by the public health measures needed to curtail the spread of COVID-19.
Cathaoirleach for the Northern and Western Regional Assembly, Cllr Declan McDonnell acknowledged that out of the three regions, the Northern and Western region had the highest “COVID-19 Exposure Ratio”, with 48.6 per cent of its commercial units operating in the worst affected sectors; all of whom are likely to be severely impacted from the crisis.’
Here is the dreaded city table.
Rural Ireland will arguably be more deeply effected with the absence of infrastructure both technological and societal even before the outbreak and the lack of job opportunities all set to make things worse.
This is how the assemblies see the regional towns picture of those to severely lose out, especially those dependent on tourism and hospitality.
Its part of the fuller picture of the likely damage. Strap yourselves in.