Making control units for tanks and airplanes in 1943. Photo: FPG/Hulton Archive/Getty

The U.S. government and private companies will need to pay $34 billion to reskill 1.4 million workers who may lose their jobs to automation in the coming years, according to a new report from the World Economic Forum.

Yes, but: Most of that cost will have to be covered by the government because only about 25% of it will be cost-efficient for business, Saadia Zahidi, managing director of the World Economic Forum, told Axios.

What's happening: The World Economic Forum, meeting this week in Davos, Switzerland, sought to put a dollar amount on the fundamental reskilling of the workforce that will be necessary against a huge wave of automation presumed to be on its way.

  • The 1.4 million displaced workers due to robotization, an estimate originally from the U.S. Bureau of Labor Statistics, is a fraction of what prior major forecasts estimated, including Oxford University and the McKinsey Global Institute.
  • Zahidi says that if the larger estimates are right, the cost of reskilling will be that much higher.
  • Many of those to be displaced will have to learn entirely different occupations, according to the report.

The report also said that 18% of those displaced, or 252,000 people, will not be reskillable economically, so the government will have to step in with public assistance.

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  1. Global: Total confirmed cases as of 7 a.m. ET: 19,655,445 — Total deaths: 727,353 — Total recoveries — 11,950,845Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 4,998,802 — Total deaths: 162,425 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Trump signs 4 executive actions on coronavirus aid — Democrats, and some Republicans, criticize the move.
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — 1 in 3 Americans would decline COVID-19 vaccine.
  5. Science: Indoor air is the next coronavirus frontline.
  6. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.

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Will you step back into an elevator any time soon?

Why it matters: Tens of billions of dollars — and the future of cities around the country — rest on the answer to that question. So long as workers remain unwilling to take elevators, hundreds of billions of dollars' worth of office real estate will continue to go largely unused.

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Brazil coronavirus death toll tops 100,000 and case numbers surpass 3 million

Brazilian President Jair Bolsonaro posted a photo of himself to Facebook congratulating his soccer team, Palmeiras, for winning the state title Saturday, moments after the health ministry confirmed the national COVID-19 death toll had surpassed 100,000.

Why it matters: Brazil is only the second country to confirm more than 100,000 deaths from the coronavirus. On Sunday morning, it became the second country to surpass 3 million cases, per Johns Hopkins. Only the U.S. has reported more. Bolsonaro has yet to address the milestones. He has previously tested positive for COVID-19 three times, but he's downplayed the impact of the virus, which has crippled Brazil's economy.

Editor's note: This article has been updated with the latest coronavirus case numbers and more context.