CAMBRIDGE, Mass. – The total cost of the pandemic is estimated at more than $16 trillion, or approximately 90 percent of the annual gross domestic product (GDP) of the U.S., according to researchers from Harvard University.
Approximately half of this amount is the lost income from the COVID-19-induced recession; the remainder is the economic effects of shorter and less healthy life.
According to the report, the crisis cost the economy over $7.59 trillion in lost GDP.
Health loss totaled around $4.38 trillion in premature death, $2.57 trillion in long-term health impairment, and $1.58 trillion in mental health impairment.
Since the onset of COVID-19 in March, around 60 million unemployment insurance claims have been filed as of September.
The Real Estate Center has more COVID-19 information online: