A big spike in long-term (“stagnant”) unemployment may happen in the euro area in 2021. Its growth is projected to be 38 percent compared to the level which was before the pandemic (from 4.8 million in the first quarter of 2020 to 6.6 million in the third quarter of 2021).

It is stated that 13.7 million Europeans are still unemployed despite employment support programs. This is 1.8 million more than a year ago. Experts predict that unemployment in France and Italy will peak only in 2022, while in Germany and Spain its level will remain high.

Employment support programs have helped to save jobs for 25 million people in the four largest states in the eurozone. Experts believe that the unemployed Europeans now will not be able to quickly solve the problem of employment. This will affect not only the productive capacity of the economy, but can worsen already existing political discontent and lead to unrest.