Economic impact of H1N1 less in crisis: German study

The H1N1 swine flu virus will have less impact on Germany’s economy than previously expected, a study by Allianz insurers and the RWI economic research institute showed on Tuesday.

The study said swine flu would cost Europe’s biggest economy between 10 billion euros and 40 billion euros, equivalent to 0.4 and 1.6 percent of gross domestic product (GDP) respectively, depending on the gravity of the global flu pandemic.

The transport, hospitality and culture sectors would suffer most, said the study.

“The fact is that companies will suffer from the new flu less in the current difficult economic situation than in a boom,” said Christoph Schmidt, president of the RWI.

“In a crisis, companies have fewer orders, so when employees fall sick, it doesn’t matter as much.”

According to the study, a nationwide vaccination programme against the flu would reduce the negative impact on GDP.

Germany this month recorded its first known death from the swine flu virus.

BERLIN (Reuters)

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