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Covid: Pandemic cost to Isle of Man Treasury revealed as £246m

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The Treasury said the island was still in a strong financial position for economic recovery

The cost of the coronavirus pandemic to the Isle of Man's finances has been confirmed as £246m so far.

Treasury Minister Alfred Cannan said the confirmed amount for the 2020-2021 financial year was "within worst case estimates".

Reduced government income accounted for £111m of the figure, while £109m was spent on financial support for businesses and individuals.

Other spending, including personal protective equipment (PPE), cost £26m

The costs were revealed in what is known as the light blue book, which documents government spending for the financial year.

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Alfred Cannan said the island's reserves remained strong

The deficit was funded from reserves, but government finances remained "strong", with a total of more than £1.8bn at the end of March, Mr Cannan said.

He said that although the pandemic had "undoubtedly affected" the island's financial position, the figures provided continued evidence of financial strength, which would "provide a platform for future economic recovery".

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