Economic significance of cultural industries and adverse effects of the COVID 19 crisis

The outbreak of the COVID-19 pandemic and the rapid spread of infections has led to considerable restrictions for health policy reasons, which severely affect the cultural industries in Austria. The study quantifies the economic importance of the cultural industries in the Austrian economy and discusses economic consequences of the COVID-19 crisis. Based on an economic description of the cultural sector a quantitative assessment of the effects on the cultural industries is carried out. Effects are estimated using economic forecasts of WIFO and economic simulation methods. Tentative policy recommendations are derived with a view to overcoming the crisis consequences for the Austrian cultural and creative industries.