The delay that the European Union is experiencing in its Covid-19 vaccination campaign may cost the bloc €123 billion in lost economic activity in 2021, according to credit insurance company Euler Hermes.

The EU is currently seven weeks behind its vaccination program, compared with a five-week delay in February, according to the company.

The EU was planning to vaccinate 70 percent of its population by the end of the summer but the program has been affected in delays in the delivery of the AstraZeneca vaccine and the slowness of vaccination campaigns.

A seven-week delay would cost France and Spain €21 billion each, Germany €20 billion and Italy €14 billion, it estimates.