The Met Could Lose $100M During Coronavirus Closure, Report Says

UPPER EAST SIDE, NY — The Metropolitan Museum of Art stands to lose $100 million after closing its three New York City locations as a measure to combat the spread of novel coronavirus, according to reports.

A letter sent to museum department heads this week revealed both the museum's expected losses and that museum executives expect the institution to be closed through at least the month of June, the New York Times first reported.

Over the next few months the Met will have to make tough decisions when it comes to possibly furloughing or laying off staff members to cut costs while the museums are closed, the Times reported. When the Met reopens, many of the museum's programs will be cut in anticipation of a possible year-long decline in tourism caused by the global coronavirus pandemic, according to the report.

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The Met closed its main Fifth Avenue museum, its Met Breuer location and the Met Cloisters in Washington Heights starting March 13. The museum also postponed its high-profile Met Gala event — customarily held on the first Monday in May — that counts some of the biggest celebrities and fashion industry figures as guests.

"The Met's priority is to protect and support our staff, volunteers, and visitors, and we have been taking several proactive precautionary measures, including discouraging travel to affected areas, implementing rigorous cleaning routines, and staying in close communication with New York City health officials and the Centers for Disease Control," Daniel H. Weiss, President and CEO of the Museum, said at the time in a statement.

Read the full New York Times article here.