Responding to the upcoming financial squeeze, the institution is adopting a three-step plan that will unfold over the coming year, according to the New York Times
. All museum staff will continue to be paid while working from home until April 4th. From April until July, the museum will reduce expenditures and operating costs. Finally, from July until October, the museum will reopen with reduced programming and a lower cost structure in anticipation of the lower attendance rates caused by a decline in global and domestic tourism.
The museum is also creating an emergency fund of more than $50 million by reallocating funds used for acquisition and programming, in addition to requesting support from foundations, donors, and the government.
While The Met may be able to weather such heavy losses—the museum’s operating budget is $320 million with a $3.6 billion endowment—smaller museums with more modest budgets may not be able to reopen after the pandemic is over.
Laura Lott, the president and chief executive of the American Alliance of Museums, told the Times: