Coronavirus Begins to Impact Italy
The coronavirus has begun to impact parts of Europe, predominately in Italy. The sixth person infected with the virus has died as of Feb. 24, as the virus begins to infect the economy of European nations. According to a recent article in Reuters, Italian shares fell by 5% out of fear for the future.
Since Feb. 21, more than 220 people in Italy have contracted the coronavirus, and many of those infected are part of the wealthy regions of Lombardy and Veneto. Lombardy sits close to Milan, Italy's financial capital, which further complicates the country's economy. About 10 towns in Lombardy have been placed under effective quarantine in order to stop the spread of the virus.
Reuters warned the virus outbreak so close to financial and industrial areas could possibly topple Italy's already delicate economy. There is a possibility Italy may see its fourth recession in the span of 12 years.
"To be honest, nobody thought the spread (of coronavirus) would be so aggressive. The illness is not serious, but it must not be underestimated," Attilio Fontana, the regional governor of Lombardy, said on 102.5 RTL radio.
—Christie Citranglo, editorial associate