A couple of years ago I had a reason to go through SVT's archive in search of pictures of a former Scania manager. I got caught up on the then ten-year-old press conference pictures from the financial crisis.

The pressed Scania boss with his gloomy power point pictures, then in his 60s, looked significantly older and more weary than he did on the fresh pictures from my new interview, at the age of 72. (Even though he wanted to now, I imagine , felt a little pressed at the moment)

Worse than during the financial crisis

It became a sudden reminder of the brutal seriousness of the global financial crisis in 2008. Sweden's two world-leading truck manufacturers, Scania and Volvo, had completely lost sales. Tens of thousands of people had the job of producing something that absolutely no one wanted. And no one knew when it would end.

Today I asked Volvo's CEO: "Are you even worse off now than during the financial crisis?"

The answer was, "Yes."

The financial crisis in 2008 triggered a global money backlog, since the financial sector, the bloodstream of the economy, failed. This time it is about our real blood circulation. The virus that got into it has, of course, primarily caused suffering and tragedy by harming and killing people. But it has also managed to hit even harder than the financial crisis against the bloodstream of the economy.

Cancels trucks

Just as during the financial crisis, Volvo's customers have now basically stopped ordering trucks. In March, order bookings decreased by 75 percent compared to February. Since the end of March, order bookings have even been negative. It is the dry, accounting-technical way of describing that more people cancel their trucks than order new ones.

Volvo halved its profits in the first quarter. Many other companies in the engineering industry, such as SKF, Alfa Laval and, earlier this week, Sandvik, also report declining order intake and profits.

Exceptions - respirators and toilet paper

The big exceptions are of course companies that sell better precisely because of the Corona crisis. Getinge making respirators doubled profits. Essity "even warned" in advance of the quarterly report due to global hoarding of toilet paper and menswear.

But all the figures are mostly about reality before the corona crisis struck. It was only in March that countries and factories stopped on a large scale.

The uncertainty total

The next time the companies report quarterly, it is the reality that will break through fully. And despite the fact that several others are now starting up their factories, the uncertainty is total, both in spring and autumn.

Because when opening up countries and easing restrictions, the big question remains: do people and businesses want to buy? Maybe they want it, maybe there will be news that the virus is under control and vaccines are on the way, and global joy is breaking out. Or the reality will be different.

Companies may have gone bankrupt, ordinary people can be without jobs and money. Swedbank, which also released its quarterly report today, has set aside SEK 2 billion for credit losses. That's ten times more than the same period last year. The bank simply fears that some customers will not be able to secure the loans due to the recession.

No matter how much government money the governments pour over their citizens and companies, it is very difficult to imagine what it will really be like. Because most of it still depends on what the virus does to humans, and what we humans will be afraid it will do to us.