Smithsonian and Prado predict losses from COVID-19 fallout

Smithsonian Institution Building. Photo:

The Smithsonian Institution has made the decision to cut the salaries of some executives and apply hiring and salary freezes for some departments for the next twelve months. This is to lessen the impact of an estimated $22 million in losses from closures across its museums.

From 24 May, eighty-nine senior executives will take cuts ten percent whilst secretary Lonnie G Bunch III and deputy secretary Meroe Park will have their salaries cut by fifteen percent. The 6,300 employees of the federation government at the Smithsonian Institution won’t be affected by the measures.

Officials at the Museo del Prado estimate that there will be a 70% shortfall in income as the museum remains indefinitely closed. The Madrid museum, located in one of the countries that has been most impacted by the virus, has been closed since 12 March and experiencing losses of up to €1.2 million every two weeks according to El País. 

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