Finns Warned World’s Best-Funded Welfare State Collapsing Under Virus-Triggered Mass Unemployment
4th April 2020
The opportunity cost of flattening the pandemic curve has come at a tremendous economic cost, resulting in a downturn and high unemployment. Bloomberg notes that Finland has the best welfare system in the world, which is now starting to crack as the surge in unemployment applications is overwhelming the system.
And just like that, in a matter of weeks, 300,000 Finns lost their jobs because of quarantines. The tradeoff is preserving the nation in the long run while dealing with short term economic pain.