As has been said many times, the coronavirus outbreak is not just a health emergency but has also been catastrophic from an economic perspective.
Last week stock markets were in freefall as airlines and the holiday industry saw business grind to a halt as travel restrictions hit and worldwide destinations shut down.
The introduction of social distancing measures in Britain and more stringent steps in the Republic brought a further wave of lay offs as the hospitality sector witnessed the evaporation of its customer base.
Thousands of people across the sector have lost their jobs and incomes virtually overnight. There has been no warning, no preparation for a downturn, just a sudden wipe out.
Across Ireland, north and south, hotels, bars and restaurants have closed. Hopefully temporarily but the reality is no one knows when life will return to normal or how many businesses will be able to pick up and restart.
It is not just hospitality that has been badly affected.
Retailers, gyms, firms providing a direct customer service, all have seen their trade disappear as people stay away.
Even large manufacturers are not immune.
On Thursday, sportswear giant O'Neills announced 950 lay-offs across the island of Ireland, 750 of those jobs in Strabane.
Managing director Kieran Kennedy said this was the only option to safeguard the long-term future of the company following a collapse in demand after many sporting activities were cancelled.
Apologising to the staff, he said: ''We'd like to make it categorically clear this is not a closure, it is a pause based on circumstances beyond our control.''
Mr Kennedy and other business owners have been forced to take heartbreaking decisions which have an enormous impact on families and individuals.
Thousands of people who thought they had secure jobs faced financial worry on top of the fear and anxiety we are all experiencing as the virus spreads.
These are extraordinary times and governments are having to take steps that would have been unthinkable in any other circumstances.
Chancellor Rishi Sunak's plan announced yesterday to subsidise 80 per cent of wages up to £2,500 a month is a major intervention that should safeguard the jobs of those who find themselves out of work through no fault of their own.
By any standards this is a hugely significant development which went further than anticipated and will be ease the pressure on businesses and employees.
