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Disaster-related basic income | The measure to overcome Coronavirus(COVID-19) [discussion in Gyeonggi-do, Korea]

Basic Income for disaster aims to avert a vicious cycle for the economy driven by worldwide outbreak of Coronavirus.


The World Health Organization has characterized COVID-19 as a pandemic. The virus first appeared in Asia and has now spread to Europe, North America, and elsewhere. A sense of panic has gripped people everywhere with masks selling out and travelers canceling planned trips. The governments of the affected countries are each preparing their own measures to respond to the effects that COVID-19.

Worldwide Coronavirus (COVID-19) countermeasure

The epidemic that is terrorizing people has also had a great impact on consumer behavior and the economy. The longer fears persist, the more that people refrain from outside activities and cut back on spending. Accordingly, businesses ranging from local small stores to import/export enterprises are suffering serious declines in sales. If the situation continues, it will have a negative impact not only on national economies but also on the global economy. Therefore, effective solutions for this situation are urgently needed. Countries with the most confirmed COVID-19 cases, such as, China, Italy, and Iran, are closing cities and airports down in order to stop the infection.
Airports are under strict quarantine due to COVID-19


Among nations, South Korea has been lauded as one of the fastest in its responses to the COVID-19 crisis. It is conducting swift virus testing through advanced medical techniques (safe and fast testing with 'Drive-Through Screening Clinic') while also preparing economic remedies for small business owners. Among the many efforts being utilized to revitalize an economy impacted by the COVID-19, ‘basic income for disaster’ has recently emerged. 

South Korea’s solution (Gyeonggi-do)

Gyeonggi Province Governor and Seoul Mayor assert that ‘disaster-related basic income (emergency basic income)’ must be used within a certain period of time and should be paid in local currency. Basic income is a policy that provides the same public subsidy to all people regardless of their status. The Governor of Gyeonggi Province called for the introduction of basic income for the period of the COVID-19 epidemic. Government authorities have secured sufficient funds for vouchers, tax breaks and the hosting of large-scale events to boost consumption through the recent supplementary budget for COVID-19, but some argue that cash-type subsidies would more effectively boost the economy.  
Gyeonggi-do has been providing basic income for youth 

With the advent of the Fourth Industrial Revolution, Gyeonggi-do has stressed the need for Universal Basic Income to prepare for occupational decline as automation is transforms the workforce. As an initial step, the province has been implementing its “Gyeonggi-do Youth Basic Income” policy from 2018 with payments of KRW 1 million being made in local currency to 24-year-old residents of the province. More than 77% of the beneficiaries said they were satisfied with the policy, with some asserting that it offered greater stability in the face of a fierce job market. In response to the positive reception, the province will further increase the range of its basic income policy. 

Renowned advocates including Elon Musk and Andrew Yang see Universal Basic Income as a long-term alternative to job decline. Gyeonggi Province, as a global leader of basic income trends, claims that it can use the know-how it has acquired to far through the implementation of basic income to move beyond existing concepts and formulate solutions to the economic adversity stemming from the COVID-19 crisis. 

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Gyeonggido-Korea (경기도): Disaster-related basic income | The measure to overcome Coronavirus(COVID-19) [discussion in Gyeonggi-do, Korea]
Disaster-related basic income | The measure to overcome Coronavirus(COVID-19) [discussion in Gyeonggi-do, Korea]
Basic Income for disaster aims to avert a vicious cycle for the economy driven by worldwide outbreak of Coronavirus.
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