If the coronavirus crisis is not contained and social distancing measures are forced to continue throughout the summer, nearly 60 million jobs across the European Union and the United Kingdom are at long-term risk, the McKinsey consulting firm warns, CNN reported on Sunday.
The EU unemployment rate could sharply increase from some 6% to more than 11% and remain at high levels under such a scenario, with a full economic recovery unlikely until 2024.
The McKinsey report emphasized that approximately 1 in 4 jobs are in severe danger of a reduction in hours or pay, temporary furloughs or permanent layoffs.
Although professions that do not require close contact with others or those that provide essential services are in much less danger, some 55 million workers employed in high risk professions are at risk, particularly employees of smaller companies.
The jobs most in danger include retail cashiers, cooks, construction workers and hotel staff, with about 80% of such professions held by those who do not have a college degree.
McKinsey said measures must be taken quickly to reduce the chances of such a scenario by companies cutting costs, creating separate shifts and making it possible for remote work.
Governments must also increase measures, including providing loan guarantees, tax relief and guaranteed salaries for workers.
"Safeguarding jobs at risk in otherwise healthy, productive enterprises is imperative; losing those jobs would not only be a tragedy on an individual level, but would also be very painful from an economic perspective," according to the McKinsey report.
Brian Freeman ✉
Brian Freeman, a Newsmax writer based in Israel, has more than three decades writing and editing about culture and politics for newspapers, online and television.
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