The simple risks of commuting to work — if you live in affected states (NY, CA, FL, IL, OH & TX, among others) — can expose you to risks of contracting the influenza, which is transmitted by breathing infected air or touching someone, or something infected with the quickly mutating virus. That means in can be almost anywhere — even the most unsuspecting places. Not only are there the economic opportunity costs of missing work and losing income; but there is also the costs of needed health care to be treated. If you work in a directly affected industry such as travel, tourism, port terminals, agriculture, distribution and transportation channels, economic constrictions because of the outbreak can mean a slow down in work, reduction in sales, revenues and short-term profitability just as the nation (except for Conservatives) struggles to recover economically.
Of course, there are some, citing the 2003 SARS epidemic, who think this is all overblown, atrributing the alarm to media hype. However, to remain on the prudent side of history, I offer an order-of-magnitude overview. Provided here are domestic and international studies of just some of these potential economic impacts. And below brief video clip analyses, including Business Week magazine’s chief economist, Michael Mandel. Immediately below are links for work-place planning, as well as a few helpful weblinks.
Planning for pandemic influenza by business and industry is essential to minimize the economic impact. Companies that provide critical infrastructure services, such as hospitals, power and telecommunications, also have a special responsibility to plan for continued operation in a crisis and should plan accordingly. As with any catastrophe, having a contingency plan is essential. Information about workplace and family planning and preparation is also available in the Workplace Planning section.
Influenza pandemics have occurred for centuries — three times (1918, 1957, and 1968) in the 20th century alone. More pandemics in the future are likely, if not inevitable. In the 1918 influenza pandemic, more than 20 million people died. Improvements in medical care and technology since the last pandemic may reduce the impact of the current Swine Flu pandemic, and the next. When planning for the next pandemic, however, decision makers need to examine questions such as: Would it make economic sense to vaccinate the entire U.S. population if 15% were to become clinically ill? What if 25% were to become ill? To answer such questions, policymakers develop economic metrics & models, and conduct economic analyses of potential intervention scenarios. The CDC, based in Atlanta, GA, is responsible for this function in the U.S. You can find their current prevailing economic impact model here.
What you need to know
Federal Reserve Bank Economic Impact study here.
Global Economic Impacts here.
Market reaction here.
BusinessWeek video analysis here.
WHO Resource & Info here.
Federal Gov’t Resource: (www.PandemicFlu.gov) here.
Center for Disease Control (CDC): here.
New York City HHC: Disease Management & Prevention here.
