European Journal of Accounting, Auditing and Finance Research (EJAAFR)

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Recession and Covid-19 Impact on Cost Management, Wizz -Air Company, case study


Recession, an inevitable economic phenomenon that is difficult to predict by the scientists of the time, a pandemic which hits the economic-financial sphere of a certain region or in global form, but as this phenomenon spreads, what are its consequences? What is the right and most effective way today for an entity to successfully meet this challenge? One of the most appropriate forms is the role that cost and management accounting management has in the performance of an entity, as well as the decisions taken by their managers, as it is the latter who manage to “predict” the consequences of this economic downturn and enable its survival.The purpose of the paper is the role that cost and management accounting plays in the recession, specifically the economic downturn caused by the Covid-19 pandemic, by analyzing how managers managed to cope and what decisions were made. The working methodology is descriptive, comparative and analytical based on the secondary data obtained in the study and specifically focused on the airline “Wizzair”, which is part of the transport sector. This sector, being also related to tourism, is among the most affected by the pandemic of recent years. In the following we will present the decisions that were taken by senior managers and based on the analysis of the results we will conclude whether they were appropriate or not.

Keywords: Budgeting, COVID-19 pandemic, Management, Management Accounting, Recession, cost accounting

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