It is estimated that the pandemic will cost the Isle of Man Government around £208m, following two lockdowns and borders remaining closed to non-residents since March 2020.
The Isle of Man has spent the majority of 2020 out of lockdown living life with very few restrictions, including no social distancing.
Despite the cost, Treasury Minister Alfred Cannan MHK has said being COVID-free has allowed the economy to function almost to normality.
The estimated figure the pandemic has cost the Isle of Man Government.
The actions we have taken and the costs we have incurred has saved lives, has protected this nation, has protected jobs and the economy, and indeed has protected public finances.
A 'Budget of Resilience'
Alfred Cannan MHK delivered the 'budget of resilience' in Tynwald this morning setting out the final budget of the administration.
Government spending is also expected to rise to £1.161bn which equates to £13,740 per person and an increase of 3.9%.
An additional £15m has also been allocated to capital projects taking the total available to £182m.
This included the continued work on the Douglas Promenade refurbishment and the Isle of Man ferry terminal based in Liverpool.
The budget at a glance:
Coronavirus pandemic costs government £208m.
Revenue spending for 2021/22 is budgeted at £1.161 billion which is an increase of 3.9%.
Tax rates, national insurance contributions and personal allowances are unchanged.
Additional £18.8m for public services.
£15m for 'Manx Care'.
Just under £17m committed to addressing climate change.
£8.1m for regional sewerage treatment works in Peel, Laxey and Baldrine.
£6.2m for the 60-bed Summerhill View older person's residential unit.
£3.7m for the replacement of Pulrose Bridge.
£2.5m for electricity meter replacement.
£1.8m for the replacement of the Pathology Information Management System at Noble's Hospital.
£1.6m for a special waste landfill facility.
£1.5m for the refurbishment of West Quay in Ramsey.
£1.2m for the Douglas Promenade horse tramway.
New figures have also shown that 1034 people are now unemployment which is an increase to 2.4% from 1.8% in December 2020.