QUEBEC CITY -- COVID-19 is expected to have cost the Quebec treasury $24.1 billion between the start of the pandemic in March 2020 and the end of the 2022-2023 fiscal year. However, the bill could increase with future waves, according to estimates from the Quebec Ministry of Finance contained in the budget unveiled Tuesday.

The $24.1-billion bill takes into account expenses, but not revenues lost due to the economic downturn at the beginning of the pandemic. The economic cost is, therefore, even greater for public finances.

For example, the department reports that the pandemic cut $895 million from Loto-Quebec's revenues in fiscal 2020-2021 while casinos were forced to close, according to the 2020-2021 public accounts.

For fiscal 2022-2023, the government plans to spend $2.36 billion on support and stimulus measures related to COVID-19, including $1.6 billion for the health system. The cost of support and stimulus measures is expected to decline to $462 million in 2023-24 and to fall to $18 million in 2024-25.

However, future waves could add to the bill, the department warns. A sum of $1.7 billion has been set aside for this purpose for the year 2022-2023. For example, the government estimates that another annual vaccination campaign for the entire population would cost $375 million.

Opening additional beds for a 20-week period would add approximately $275 million in costs to the health system.

In total, the fiscal framework contains provisions of $2.5 billion for 2022-2023. This includes the $1.7 billion reserve for health care spending, but also provisions to protect against the effects of Russia's invasion of Ukraine on Quebec's economy.

$18.3B FOR THE HEALTH-CARE SYSTEM

Quebec estimates that the additional costs for the health-care system will be $18.3 billion between March 2020 and the end of the 2024-2025 fiscal year, without taking into account provisions for possible waves.

Over this period, the government is expected to have spent almost $22.1 billion on the health system to combat the pandemic. Some of that cost, however, has been offset by a slowdown in other system activities, resulting in a $3.8-billion cost reduction.

This report by The Canadian Press was first published in French on March 22, 2022.