In view of the current, crises-induced uncertainties, producing forecasts of the development of the Austrian tourism industry in 2020 is almost impossible. Instead, WIFO economist Oliver Fritz has drawn up scenarios that allow an initial estimate of the dimension of the expected overnight losses.

In a new brief analysis, WIFO's research group Structural Change and Regional Development shows the differences in the extent to which the corona crisis has affected Austrian regions. According to this analysis, more than two thirds of the Austrian workforce are currently employed in industries that are severely or very severely affected. Tyrol and Salzburg are the most affected Länder.

Companies active in research and innovation could be massively affected by the economic effects of the coronavirus pandemic. Up to thirty percent of these companies in Austria could restrict their product launches if the crisis lasts for a longer period of time. The research expenditures of the corporate sector could be reduced by up to 300 million €.

More and more countries are introducing official or informal export restrictions and export authorization requirements in response to shortages of medical protective equipment. On 15 March 2020 the European Commission implemented a regulation restricting exports of face shields, gloves, protective garments, mouth-nose-protection equipment, protective spectacles and visors to third countries (EU 2020/402 and EU 2020/426). In an analysis, WIFO economist Yvonne Wolfmayr assesses the usefulness of these measures and evaluates Austria's vulnerability to export restrictions of non-EU countries.

The Austrian labour market reacts particularly quickly and strongly to the Austrian government's measures against the coronavirus pandemic. Within two weeks of the initial restrictions and business closures, unemployment skyrocketed by almost 200,000 people, reaching a record level of around 563,000 at the end of March, an increase of more than half (52.5 percent).