Smithsonian and Prado implement austerity measures amid COVID-19 financial crisis

The Smithsonian Institution is facing a projected $22 million loss because its museums are closed, which will result in pay cuts for top executives and a hiring freeze. Starting May 24, eighty-nine senior executives will see their salaries reduced by ten percent, while secretary Lonnie G. Bunch III and deputy secretary Meroe Park will experience a fifteen percent cut. Fortunately, the 6,300 federal staff members won’t be affected. Meanwhile, the Museo del Prado in Spain, which has been shut down since March 12, anticipates a staggering seventy percent drop in revenue, losing around €1.2 million every two weeks. Both institutions highlight the severe cultural impacts of the pandemic’s economic consequences, with some salary freezes at the Smithsonian lasting up to a year.