My thesis discusses the ways in which the outbreak of the coronavirus pandemic has affected world economies. With a specific outlook over the case of Europe as a whole as well as the cases of both Italy and Germany. I start by discussing their economic backgrounds, after introducing the COVID-19 pandemic and what it has become. Followed by how the pandemic affected their economies generally, and in more details as how it affected people, jobs, businesses and industries. Finally, I analyse how it was dealt with, both on a governmental and public level, in the EU, in Germany and in Italy. With a final comparison between the Italian and the German cases. As I conclude, I overview the possibility to recover from the consequences of the pandemic around the world.