WHO sounds alarm on coronavirus: "This is not a drill"

• Right on cue, Congress reached a bipartisan $8 billion deal to provide emergency funding for outbreak response.

Why it matters: There are 17x as many new infections outside China as in it right now, the AP reports.

• China appears to have slowed the virus thanks to a severe regimen of quarantines and testing.

In Europe and North America, a less severe strategy is unfolding:

• Italy has closed schools and soccer stadiums. It also asked people to stay 3 feet apart and avoid nursing homes, but that is being widely ignored, the AP reports.
• Schools have closed in a school district outside Seattle, and hundreds of New Yorkers are in self-quarantine. California, Florida and Washington state have each declared a state of emergency.

Between the lines: March is spring break season for American colleges. Many an administrator is probably dreading the prospect of infected students returning to campus.

• Meanwhile, parents of American study abroad students are facing surprise costs and the logistical challenges of getting their kids home from affected countries.

The big picture: The economic pain of the coronavirus response seems to be just beginning, with targeted pain for the airline, hospitality, media and events industries.

Go deeper:

• We should have seen the coronavirus coming
• Coronavirus panic fuels sales for health supplies and canned goods
• How coronavirus turmoil differs from a financial crisis