I was here before the Lombardy lockdown, and was watching CNN when they declared the nationwide lockdown and my phone exploded.
It's not different than you would expect. Italy is an economic and social disaster. All of the locals I've talked to hate the economy. There is no economic opportunity, so my area feels like a small Texas town where all the young people left. Rush hour is a little lighter than before, but I was at a grocery store yesterday and it was a pretty normal looking crowd.
There is a piece of paper that you're supposed to have with you when you're out. You list your reason for being out, there are several like going to work or going home. But as best I can tell, checkpoints are only on the autostradas. They shut down the football games and other events natiowide last week I think. Rome is probably pretty empty, as is I expect Firenze, and the Milan Duomo shots that the BBC has been doing are pretty stark. Tourism is probably their biggest industry.
Italy is dominated by small and family businesses. So the complete shutdown is going to kill these folks. I talked to the guy at my hotel and he said his wife just got 15 days off unpaid from work. She has some sort of sales job and there were no customers. I've never really wished I spoke italian, but I would kill for a translation of italian news right now. Gotta be amazing to watch.
I guess what's really striking is the reactions of people I've talked to. Some of them are freaking out. They're very polite, but they don't realize how little impact the disease has on the young and healthy. I am at very, very little risk, for example.
For anyone who still thinks that police or military will ride to the rescue, that is certainly not the case here. People are largely left to their own devices. I really haven't seen police at all out in public. I mean, I see them sitting in their cars doing nothing, as usual I suppose.
Banks are open, restaurants are open, hotels are open, trains and airports are open. I googled, tourism is 10% of the Italian economy.
The original idea of just ring fencing the virus was stupid. But the social distancing thing is likely to be fairly successful. So let's say it works and Italy calms down. How long can you last with the majority of your population sitting at home, probably out of work? If they really try and ban being in public, won't crime start to increase at some point? When do people run out of money and start to get hungry? Few people do like I did, and store up supplies. You'll eventually get to social mayhem, and the quarantine has to end. But there will still be a reservoir of virus (third world countries), so you're back to a panic again.
The goal is herd immunity. You WANT the healthy people to get it, and become immune. You want the risky people to isolate. Alternatively, you can vaccinate the public, but that vaccine doesn't exist yet.
After a month or two you may be able to ramp up purel and surgical mask production. If everyone wears a mask, that measure alone is effective at stopping the spread. Allegedly. So I think everything shuts down for a while, the kids get out of school in a couple months etc. Maybe we have some solutions by then. And I expect the worst health outcomes might be avoided. And that leaves the financial outcomes.
America will bounce back, because we were already growing. Europe, Italy especially, is in long term decline. This will accelerate that economic decline, and the social and political changes that come along with it. It's another leg down economically, they're already down around 10% from 2008. Just turning up the temperature on the pressure cooker. And that's the good outcome.
But really, who the fuck knows.