Based on research by Petr Sedlacek and his colleague at UCL, Vincent Sterk, the European Commission, in collaboration with Petr and Vincent, has put together an online tool for computing the medium- to long-term employment costs of COVID in the 23 member states.
The disruption to new businesses caused by the coronavirus pandemic will have a big and lasting impact on job growth in the EU. However, policies to help young firms survive and support the creation of new businesses could mitigate these impacts, protecting jobs that may not otherwise be created over the next ten years.
The ‘start-up calculator’ will be used to discover the impact on employment as a result of the disruption of start-ups and young firms in EU countries and their economic sectors.
Start-ups are pivotal for the creation of new jobs, so a lack of start-up activity can lead to significant loss of aggregate employment. Across all EU countries, young firms accounted for 36% of employment growth between 2013 and 2017. Supporting new EU businesses could protect over 3.5M jobs in the coming decade.