Corona Crisis Saddles the Vatican with A Loss of More Than 66.3 Million Euros

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Last year, the Vatican went into the red for 66.3 million euros. Yet, according to the Holy See, that is less than feared due to the corona crisis. This is partly because the various departments of the institute have significantly reduced expenditure.

 

According to our colleagues at Kerknet, the Administration of the Holy See – as the Vatican is officially called – has published for the first time a detailed overview of the financial situation.

This shows that a net loss of 66.3 million euros was incurred last year. This is because a lot of income was lost due to the corona crisis. Still, on the other hand, the various departments have partly compensated by spending 26 million euros less, according to Juan Antonio Guerrero, the head of the Vatican’s financial service.

This means that the loss is less than previously feared. For example, the income of the Vatican museums virtually disappeared due to the corona crisis that has struck very hard in Italy. Income from real estate investments fell by 19 percent; financial income fell by 32.1 million euros and commercial activities by 11.6 million euros.

Guerrero is also pleased that the corona crisis has prompted the Vatican to implement reforms. For example, a very controversial purchase of a building in the English city of Chelsea has been rectified because it will soon be sold.

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