Long COVID costs a huge loss of $3.6 billion a year to the Australian economy

Citing an exclusive data analysis, the Australian Financial Review reported that the long COVID-19 is costing the Australian economy an equivalent of $3.6 billion a year in lost output.

Based on data from the country’s Treasury, because of the conditions in June, around 31,000 employees called in sick. The analysis by think tank Impact Economics and Policy found the economic cost came in at 100 million Australian dollars a week. That amounts to some 5.2 billion Australian dollars on an annual basis.

Australia has announced a parliamentary enquiry into the long COVID-19, with the aim of developing what the virus is all about and to scale the extent to which it affects the country’s 26 million people. The virus has different effects globally. While some people recover from the virus completely, some see long-lasting and severe effects.

Australian Labor Party lawmaker Mike Freedlander told AFR that he will be looking into the inquiry and will try to come up with an accurate number of people affected by COVID and work out the best treatments for helping them recover.

A recent Harvard University study found that depression, anxiety and stress prior to getting COVID may increase the chance of developing longer-term symptoms. Lingering effects, spanning chronic fatigue and “brain fog” to hair loss and shortness of breath, are estimated to afflict some 10% to 20% of COVID survivors.

According to another Harvard study, the long COVID is estimated to cost the United States alone $3.7 trillion.