Monaco and coronavirus

Thanks to an unprecedented arsenal of health, economic and social measures, Monaco is tackling the COVID-19 crisis head on.

To contain the spread of the virus in the Principality, the Monegasque Government has, since the beginning of the crisis and on the instructions of the Head of State, announced a package of social distancing measures to limit people’s contacts and movements to an absolute minimum.

On 29 October, H.S.H. Prince Albert II additionally announced the introduction of a curfew from 8 p.m. to 6 a.m. starting on 1 November. The curfew will be in place for a month, during which shops and restaurants in the country will be allowed to stay open “with some specific modifications”, while “the entire school and university system will continue to operate in compliance with preventive rules,” said the Prince.

The impact of the crisis unfortunately reaches far beyond the health challenges. The Monte-Carlo Tennis Masters, Monaco Grand Prix, Rose Ball, Spring Arts Festival (“Printemps des Arts”), Monte-Carlo Television Festival… all of the country’s main events were cancelled in 2020. The Société des Bains de Mer closed the doors of its legendary casinos and most of its luxury hotels for several months, with the exception of the Hôtel de Paris. “SBM has not experienced a situation like this since the Second World War,” said CEO Jean-Luc Biamonti. The management team describes a 72% drop in revenue for the first quarter of the 2020–2021 financial year and a difficult recovery.

In addition to these emergency measures, a plan to help the Monegasque economy recover has been put in place, with a budget of €75 million. This recovery plan has four strands: the National Green Fund, designed to accelerate the energy transition, the Blue Fund, designed to support Monegasque companies in their digital transformation and create a digital economy in Monaco, the White Fund, designed to support the building and construction industry in the Principality, and finally the Red and White Fund, designed to support local traders and purchasing power in the Principality.

The enormous expenditure involved could be financed using the Constitutional Reserve Fund, which has been built up over a number of years thanks to state budget surpluses.

“No generation today has ever experienced such a critical health situation. None of the crises we have gone through in recent decades have had such a severe economic impact in such a short space of time,” said H.S.H. Prince Albert II, who contracted the coronavirus himself and worked through his illness.

« Rarely in history has our collective destiny been so dependent on our personal actions. »

H.S.H. Prince Albert II.

For more information, see:
www.Covid19.mc