In Europe, the COVID-19 pandemic spread from early March. In March and April, countries implemented lockdowns spreading from Italy across the rest of Europe, and economic activity stagnated. In May, the lockdowns were gradually lifted, and the activities of small businesses were on a recovery track. On the other hand, businesses such as restaurants, shops, and hotels, and travel remain in a difficult situation. In the construction market, there are occasional postponements of projects. In July, COVID-19 is spreading again in France, Spain, Germany, and other countries, and the situation is unpredictable.