Riksbank warns any vaccination delay would be costly for Sweden

In the notes from the Nov. 26 meeting provided by the Riksbank, Skingsley estimated that a delayed vaccine roll-out would cost the economy between 15 billion and 40 billion crowns ($1.78 billion to $4.73 billion) per month. The size of the impact would depend on the severity of the pandemic and on the measures taken to stop its spread.

Any delay in vaccinating Swedes against the novel coronavirus would be hugely costly for the economy, Central Bank First Deputy Governor Cecilia Skingsley cautioned in a meeting last month with the Health Agency and other officials. In the notes from the Nov. 26 meeting provided by the Riksbank, Skingsley estimated that a delayed vaccine roll-out would cost the economy between 15 billion and 40 billion crowns ($1.78 billion to $4.73 billion) per month.

The size of the impact would depend on the severity of the pandemic and on the measures taken to stop its spread. "I cannot stress enough the importance of a speedy vaccination and that the regions and other relevant functions are provided with the necessary resources," Skingsley said.

"In economic terms, the benefits are very great and costs are limited." The meeting was attended by among others Britta Bjorkholm, a senior official from the Public Health Agency which has led efforts to contain the pandemic and is spearheading Sweden's impending vaccination drive.

The country, which was slow to ramp up testing after the pandemic first struck, has rejected lockdowns in favour of mostly voluntary measures while suffering many times more deaths in the disease per capita than its Nordic neighbours, though less than some countries, such as Britain. Sweden has signed up to receive five of the six vaccines to be purchased through the European Union's common procurement scheme and hopes to begin vaccinations in late December or early next year.

The Swedish economy, cushioned by a less draconian pandemic strategy than many other countries, is projected by the Riksbank to shrink 4.0% this year. The European Central Bank has estimated the eurozone economy will contract 8.0%. ($1 = 8.4483 Swedish crowns)

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