Most European countries will not see GDP return to pre-COVID levels by the end of 2021.
That was one of the warnings heard after a meeting of Eurogroup Ministers chaired by Paschal Donohoe in Berlin this morning.
The meeting heard while there was some bounce back economically in July and August, the road ahead is very uncertain.
Finance Minister and Eurogroup President Paschal Donohoe said the seeds of a strong recovery are there.
He said: "We are all aware of the huge apprehension, the great concern that so millions of citizens face and we accept that it will take time and it will take work to undo the damage caused by this crisis.
"We are united in our commitment to do this."
He added that he is confident there will be a strong recovery from the financial implications of COVID.
Following the meeting, he said recovery will be difficult, but can be achieved.
Mr Donohoe said: "There will be no sudden stop, no policy cliff edge, and overall budgetary policy will continue to support the economy.
"This consensus gives me confidence that we can build an inclusive and strong recovery."
Reporting by Seán Defoe