The clubs umbrella association, European Clubs Association (ECA) said that 1.6 billion euros would be lost in the current season and 2.4 billion in 2020-21 by the continent’s 55 leagues.
However, a sample of 10 leagues, including the big five of England, Italy, Germany, Spain and France would lose 3.6 billion euros, with lost ticket sales income amounting to 1.5 billion euros in the two seasons.
Meanwhile, seven of the 10 leagues examined had so far resumed or even completed their seasons, all behind closed doors.
France, the Netherlands and Scotland, however, abandoned their seasons.
ECA said the income of television had also taken a hit in the leagues and remained unclear when fans could return.
According to ECA CEO Charlie Marshall, the results demonstrate that the financial impact of Covid-19 on European clubs, so far is already a seismic shock, even with most competitions up and running again.
“The financial impact does not stop when the game resumes. Rather, it will continue into the next season and we must take measures to create a more sustainable football industry in the long run.
“The upcoming transfer market will give us the next indication of economic motivation and the state of football’s health, but that cost-cutting must take place in all areas.
“Even more as the wage to revenue ratio is expected to rise from just under 59.6 per cent in 2019 to 70.1 per cent in 2021 due to Covid-19.
“While it would have been estimated at 62.9 per cent without the pandemic,” Marshall said.
The ECA said the situation could be even worse in lower tiers, with wages exceeding income.