L'Italo-Americano

THURSDAY, MARCH 5, 2020 www.italoamericano.org L'Italo-Americano 2 I t's obvious: the Italian economy will suffer greatly from the coronavirus epidemic. Losses are already large, but they'll become massive, to the point it's difficult to assess them. Some are truly imponderable, tied as they are to fear, irrationality and prejudice. We immediately understood it, when 20 countries closed flight connections to Milan, when our cruise ships full of tourists — and thousands of dollars to spend at every stop — were denied autho- rization to disembark, when the White House placed limitations to traveling to Italy, Iran and South Korea, and implemented air- port controls for all Italians landing in the US. We got scared. Because we'd never thought that Italy, Italians, our Made in Italy and our very reputation could have been so at risk, so fragile. Then, Piazza Affari's War Communiqué arrived: Milan Stock Exchange doesn't only register, powerlessly, International Banks's effort to limit the worst market losses since the 2008 crisis, but also suffers immense daily losses and sees investors losing faith, worried by the consequences of the epide- mics on global economy. Just after, the new Fall/Winter collections were revealed in streaming, the catwalk surrounded by rows of empty chairs. It was the Great Worry, not the Great Beauty to sashay along the runways of Milan Fashion Week: Asia's markets and exports are essential for our fashion industry. Our luxury brands didn't only reduced production to meet an evidently decreased demand — our main profits come from the Far East — but 70 among them made conspicuous donations to the Red Cross to save the Asian market. Yet, the only trendy color next trimester will be deep red. There is more. Milan's Salone del Mobile last year registe- red 400.000 visitors from 181 countries in 6 days, with a worth of 350 million euro (about 400 million USD): seeing it postponed meant another crucial part of our manufacturing sector was going to pay the stark consequences of the epidemic. Then came the backlash on our industrial production, on imports and exports. Many businesses suspended international activities for security reasons. 3% of what we earn exporting comes from China, and 7% from other Asian countries that will be heavily penalized by China's problems. In Italy, our shops sel- ling products made in China (and they're many) will pay the con- Italian economy shouldn't get sick: no to prejudices against Italy From the director sequences of the slowing down of Chinese production and imports. And let's not even talk about tourism. Among flight and hotel booking cancellations, the fear of the virus may cost to Italian tourism at least 1.6 billion euro (almost 1.8 billion USD) and more than 13 million visitors. And we've been optimistic: if fears continue, losses will be much higher. In 2018, 2.5% of all tourists staying in our hospitality structu- res came from China. If we consider that tourism counts for 13% of Italy's GDP, a 25% diminution of Chinese could mean a reduc- tion of 0.1%. Of course, there's all the other tourists coming from abroad, but almost 50% of travelers are no shows at airports around the world at the moment. An airline operating in Italy recorded zero bookings and an incredibly high demand for refunds. According to experts, cancellations have already costed 200 million euro ( just short of 225 million USD) and damages to the sector could be higher than those caused by 9/11. What about the agro-food sector? Beside what has been already lost because of the US tariffs (which are bound to cause also a rise in the diffusion of fake and of "Italian Sounding" pro- ducts), the month of January recorded a 11.9% drop in exports to China. These aren't pessimistic opinions: they are truths. The OECD cut general growth predictions for 2020 of 0.5%. This means it'll be a zero growth year for Italy; even worst, the country could go into recession. Just to give an idea, the provin- ces in Lombardia hit the hardest by the epidemic are worth 12% of Italy's GDP and 2% of the Eurozone's GDP. Numbers are scary, but according to experts, what scares the most is fear itself: it brings people to cancel their trips to Italy and not to buy an Italian product for irrational fears of infection. What'll truly make a difference, economists say, is the loss of trust. The "Black Swan" (that unexpected and rare event able to disrupt routines and bring political and economic systems down, predicted by Lebanese mathematician Taleb in 2007) has been testing us all. It's true. Covid-19 is a short-circuit of which we don't fully know the effects. But we can fight against it, downsize its influences, keep it under control by learning how to face our fears. Just like Neapolitan Gennaro Arma, "the Brave Captain," did: courageous, he was the last person to disembark the Diamond Princess, the cruise ship quarantined in Japan with 3700 passengers, 600 of whom tested positive to coronavirus and two lost their lives. He took care of his crew and of his passengers until every one of them was allowed to leave the ship. Only then he left it, too. This is why we must speak of coronavirus on our paper: dear readers, be aware of how senseless fears and anxieties can contri- bute to bring the Sistema Italia and the image of our country abroad towards full collapse. Do keep on supporting and loving your Country. Since Italy has been hit by Covid-19, many states closed their borders to our compatriots and many of them living abroad began feeling like unwanted guests, seeing people keeping a distance only because they could hear them speaking Italian. They became, once again, "Enemy Aliens." Let's not succumb to such unjustified fears. Let's remember, on the other hand, that less than 48 hours after the first positive diagnosis in Italy, our researchers managed to isolate the virus responsible for the infection and that after three weeks they isolated the Italian strain of it, an essential con- dition to develop cures and vaccines. Our scientific research, the way Italian hospitals — open and free for everyone, foreigners included — responded promptly and with the highest level of care, are things we must be proud of. Quoting our president, Mattarella: " Knowledge helps respon- sibility and represents a strong antidote to irrational and unfoun- ded fears that lead to behaviors benefiting no one." Let's help her, our Italy, by protecting her from prejudice and from fears that should and can be faced and overcome. "Unity of intentions and the principles of solidarity —Mattarella continued — are an immense patrimony for society, especially in such diffi- cult moments for the community. Moreover, they are a duty. If we lose them, we all get weaker." Simone Schiavinato, Director NEWS & FEATURES TOP STORIES PEOPLE EVENTS P.O.BOX 6528, ALTADENA, CA 91003 P.O.BOX 6528, ALTADENA, CA 91003 Member of FUSIE (Federazione Unitaria Stampa Italiana all'Estero), COGITO L'Italo-Americano 610 West Foothill Blvd. Unit D, Monrovia, CA 91016 - Tel.: (626) 359-7715 PLEASE SEND CORRESPONDENCE TO P.O. BOX 6528, ALTADENA, CA 91003 www.italoamericano.org L'Italo-Americano Newspaper (a 501(c)(3) non-profit organization), www.italoamericano.org, is the largest and longest-running Italian newspaper in America, not to mention the cultural and news resource for all things Italian in the US. A bilingual newspaper which represents an historical landmark for the Italian American Communities in the West Coast and throughout the US. L'Italo-Americano benefits from subsidies by the Italian Government, Memberships and Donations intended to support and not interrupt a mission that began in 1908 to preserve and promote the Italian language and culture in the USA Periodicals postage paid at Monrovia, California 91016, and additional mailing offices. PUBLISHER Robert Barbera Grande Ufficiale DIRECTOR/EDITOR IN CHIEF Simone Schiavinato ADMINISTRATIVE MANAGER Patrick Abbate EDITORIAL COORDINATOR Barbara Minafra COPY EDITOR Francesca Bezzone LOS ANGELES CONTRIBUTOR Silvia Giudici SAN FRANCISCO CONTRIBUTORS Catherine Accardi Serena Perfetto SEATTLE CONTRIBUTOR Rita Cipalla CONTRIBUTING WRITERS Mariella Radaelli, Francesca Bezzone, Luca Ferrari, Stefano Carnevali, Joel Mack, Paula Reynolds, Nicoletta Curradi, GenerosoD'Agnese, Fabrizio Del Bimbo, Maria Gloria, Alfonso Guerriero Jr., Anthony Di Renzo Serena Perfetto, Kenneth Scambray, Chiara D'Alessio © 2020 L'Italo-Americano Membership: One year $59 - Single copy $2.25 POSTMASTER: Send address changes to L'Italo Americano PO Box 6528 Altadena, CA 91003

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