Oireachtas Joint and Select Committees

Tuesday, 9 June 2020

Special Committee on Covid-19 Response

Reopening the Economy: Supports for Business

Mr. Danny McCoy:

The answer to the last question is "No". I think the Deputy answered it in the run-up by referring to the uncertainty of dealing with the virus. We have stood aside and taken the advice from the public health people. Now we see that the curve has been suppressed, we know - we are realists - that there is no certainty that the virus has gone away and that there is potential that it could flare up again.

What has been certain has been the economic cost. During the suppression period, there were 12 or 13 weeks of no cashflow for businesses. This goes back to my central point, namely, that we need to open up in order to assess the damage. If, unfortunately, businesses need to close down again, that will happen. I do not accept that it would be much better to stay suppressed all the way through to October because nobody can guarantee that we will be able to open up and go freely at that point. There is so much uncertainty. Seasonality is the big issue that is coming through here. We realise that if those who have been most suppressed at what might be called the extremities of the economy - the regional hospitality seasonal workers - miss out on this season, then we are not talking about them opening up in October or November. It will be next year before they open up again, if they are able to do so. That is a certainty and it is weighing up against the uncertainties that exist on the public health side. I am very sympathetic to what the 1,000 scientists said, but there is realism as well. We know the economic story with certainty. The public health dimension involves considerable uncertainty.

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