Coronavirus outbreak: Cost of the pandemic on Toronto could reach $1.5 billion dollars in best-case scenario

Mayor of Toronto John Tory said on Friday that the city has seen “a dramatic revenue drop” with the TTC during the COVID-19 pandemic, incurring tens of millions of dollars in additional costs to respond to the crisis.
He said that city finance staff have determined that the COVID-19 pandemic is costing the city $65 million dollars a week, mostly from a revenue drop from the TTC which contributes 20 million dollars to the city per week.
He added that the city’s finance staff have also determined that a three-month lock-down and a six-month recovery period could end up costing the city $1.5 billion dollars in the best-case scenario.