Vaccination failure threatens EU with loss of €100bn and tourism season

European investment funds have recorded three consecutive weeks of capital flight

Bloomberg reported on Sunday that the EU vaccination failure in the first quarter of 2021 threatens the community with a loss of around €100bn of investment and threatens a second consecutive tourism season.

“Vaccination failures in the EU are of concern to the world’s biggest investors, who see that the slow pace of business reopening (the service and tourism sectors in most EU countries remain largely closed due to quarantine measures) threatens to undermine renewed economic growth, the agency noted. Delaying the reopening of businesses for a month or two threatens the EU economy with a €50bn to €100bn loss of profit”, – Bloomberg points out. – “European investment funds have recorded three consecutive weeks of capital flight, while Bank of America and BlackRock Investment warned that the continuing rise in coronavirus disease in Europe could disrupt investors’ long-term strategies.”

The EU, which has so far used eight doses of vaccine per 100 people of its population, lags far behind even the US (33 doses) and the UK (25 doses) in vaccination rates. The agency cites political disagreements, supply failures, bureaucratic delays and public mistrust as the reasons for this.

The agency believes that the EU has a chance of vaccinating 75% of its adult population by the end of the summer, in line with the European Commission’s latest vaccination strategy, but this may be too late as it would mean losing crucial summer months. As a result, the EU could lose its second consecutive tourism season.

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