Europe reels under second wave of COVID-19

Economic predictions

The European Commission Summer Economic Forecast projects the eurozone economy to contract by 8.7 percent and the EU economy to shrink by 8.3 percent this year. The autumn forecast will be released this month.

Michalski said that in France the biggest difference with the second lockdown is that primary and secondary education remains open, allowing parents to work, and preventing a major loss in GDP.

He estimated that each week of the lockdown could cost the French economy 0.5 percent of its annual GDP in the short term.

"This is a terrible shock, especially for small and medium-sized firms, which are being closed at the most important time of the year," he said.

On Thursday, the French government announced a new 20 billion euro aid plan for small businesses and sectors hit hard by the pandemic.

The following day, De Croo, the Belgian prime minister, told his citizens: "We know the virus has a heavy economic cost. Many people have to stop their activities again. The government will do everything it can to support you."

Kai Xin, who runs a Chinese restaurant in the center of Brussels with her husband, said the government has promised to help, but she has not received any money yet.

She said the business has been hit by big losses and the couple are struggling to survive by operating takeout and delivery services.

"If the situation continues like this, I don't know how long we can keep the restaurant," she said.

Agencies contributed to this story.