Energy Pattern During Unforeseen Spells of COVID–19

1. Introduction

Many people believe that as time goes on, technology will develop, the climate will get better, and people's lives will be better all around the world. There are major setbacks, such as in 2020 when the worldwide pandemic COVID-19 first emerged. This virus initially surfaced in China during the end of 2019 or the beginning of 2020 (Eroğlu, 2020). Many didn't realize how serious it was or how rapidly it would spread. It quickly grew to become a highly contagious, deadly virus that might distress anybody. On January 30, 2020, the World Health Organization (WHO) declared the 2019 Coronavirus disease (COVID-19) pandemic a public health emergency of global concern after infection cases outnumbered those of the 2003, SARS epidemic and spread to all 34 provinces of China (BBC News, 2020). Although there is no precise confirmation, it is thought to have been initiated in late December 2019 at a seafood wholesale market in Wuhan, Hubei Province; the number of cases skyrocketed rapidly within and outside Wuhan, spreading extensively throughout the world (Birol, 2020; Eroğlu, 2020). No country was ready for this sad occurrence. There is currently a serious health problem, and there is only so much that can be done to minimize it. There are mask-wearing faces everywhere, and most individuals are required to keep a six-foot distance from one another in most institutions. COVID-19 resulted in a large number of fatalities and health problems. This has had a significant influence on economies all around the world, whether they are developed or poor. The COVID-19 epidemic is a serious issue that has to be addressed and taken into account on all levels.

The influence that this epidemic has had on the world will live with everyone forever, even though many would like to forget 2020 from their life. This pandemic has affected everyone on a mental, emotional, physical, and financial level from all over the globe; the virus is oblivious to a person's race, ethnicity, or money. The American economy has been severely impacted by the coronavirus. The largest economic shock to hit the US since the 2008 financial crisis has been brought on by the coronavirus. Currently, both the number of infections and fatalities are highest in the United States (Worldometer, 2020). As of the end of December 2020, there have been over 82 million coronavirus cases, 1.8 million deaths throughout the world that have been reported related to the Coronavirus, and approximately 59 million people have recovered from the virus (Worldometer, 2020). The overall number of infections in the United States is likely to approach up to 20 million, with almost 350 thousand deaths (Worldometer, 2020).

The global economy, financial markets, and sustainable economic development have all been negatively impacted by COVID-19. Among the effects of the illness are large revenue losses, a surge in unemployment, and disruptions in the industrial, service, and transportation sectors. Various nations are now implementing mitigating efforts to lessen the effects of this epidemic, but it has become evident that none of the governments or the world's healthcare systems were ready to handle such a sad occurrence. The whole world underrated the dangers of the rapid spread of COVID-19 and reacted to the problem mostly in a reactionary manner. In order to preserve lives and safeguard economic development, strong international initiatives are needed as disease outbreaks are unlikely to cease very soon. Due to decreased productivity, fatalities, company closures, disruptions in commerce, and the devastation of the tourism sector, there has already been a substantial economic impact on different parts of the world. COVID-19 may serve as a “wake-up” call for world leaders to step up collaboration on pandemic preparation and give the funding required for global cooperation. The projected financial and health consequences of infectious disease outbreaks are well known, yet the world hasn't made enough investments in preparedness and prevention measures to reduce the likelihood of major epidemics.