Influence of coronavirus crisis on food industry economy

Abstract

Recently, there has been a very rapid accumulation of empirical data of economic indicators of the food crisis associated with the coronavirus pandemic. The purpose of this article was to develop a set of measures aimed at minimizing the negative economic impact of the coronavirus crisis (CVC) both at the national and international levels. All these presupposed solving the following tasks. Having studied the nature of the crisis, we found out that it had the greatest impact on such components of food sector as transport, logistic chains, and human resources. We revealed that, first of all, such areas of the economy as fisheries and agricultural production of fruits and vegetables were affected by the crisis. It is obvious that it will also adversely affect small farmers, seasonal and migrant workers, etc. The work proposes the most effective public measures against the negative impact of CVC on the global economy. In particular, we examined the scenario of (possibly temporary) nationalization of operators of critical infrastructure to produce planned critical goods or services. The developed set of measures included limitation of the workers’ rights and freedoms by imposing to them labor duties, or replacing them with military ones, limiting the price of strategic goods, and organizing their consumption and distribution. Possible triggers for the implementation of such a scenario in the agricultural sector are offered, as well as mechanisms of protecting and supporting groups of economic agents affected by CVC are proposed.