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Europe Recession Inevitable as Last Line of Defense Crumbles

  • A slump in services is dragging the region’s economy down
  • Countries across the continent are in lockdown to halt virus
A flight departure information board shows cancelled flight in Frankfurt, Germany, on March 12.
A flight departure information board shows cancelled flight in Frankfurt, Germany, on March 12.Photographer: Alex Kraus/Bloomberg
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There’s 1,000 miles and a body of water between Mark McGowan and the Italian epicenter of Europe’s coronavirus outbreak. He may as well be next door.

His 16-room hotel, the Scholars Townhouse in Drogheda, north of Dublin, has seen a 60% drop in room revenue. The business market “just melted away overnight,” he said.