Europe averages double-digit public holidays each year, but each day off carries an economic cost, as Denmark showed when it scrapped a historic holiday to fund its military.

Every spring, countries across the continent close offices for a series of holidays, including Easter Monday, Labour Day, Ascension, and Whit Monday. While these breaks are widely appreciated, economists have long questioned the financial impact of paid leave.

Denmark offered a clear answer in 2024 when the government eliminated Great Prayer Day—Store Bededag—a nearly 340-year-old Lutheran holiday observed the fourth Friday after Easter. The decision, intended to boost defence spending, was estimated to generate around 3 billion Danish kroner (€400 million) in additional tax revenue annually. Lawmakers said the funds were needed to reach NATO’s target of 2% of GDP on defence.

The move, passed by parliament in February 2023, sparked street protests and a surge in unofficial sick days on what would have been the first cancelled holiday. The reduction left Denmark with 10 public holidays in 2024, one fewer than before and below Europe’s continent-wide average of 11.7 days, according to Eurostat.

Denmark is not alone in cutting holidays for fiscal reasons. Portugal eliminated four public holidays in 2012 as part of a post-crisis austerity programme, though all were later reinstated in 2016. The political calculus is similar: in tight fiscal conditions, each bank holiday represents a measurable economic cost.

The variation in holidays across the EU is significant. Lithuania and Cyprus have 15 public holidays this year, while Germany has nine national holidays, with additional days varying by federal state. Economists note that a country with 15 holidays instead of nine foregoes roughly 0.48% of GDP annually, before any consumption offsets. For Lithuania, with a 2024 economy valued at €79 billion, that translates into a notional €360 million difference compared with Germany.

Studies also show that the economic impact is uneven. Research by Lucas Rosso and Rodrigo Wagner, cited by the IMF in 2023, found that each extra public holiday reduces annual GDP by about 0.08%. The effect is largest in manufacturing and negligible in sectors like mining or agriculture. However, the researchers caution that not all costs are economic: holidays are linked to fewer workplace accidents, higher short-term happiness, and sustained worker productivity.

Economists stress that more working hours do not always equate to more output. A well-rested workforce can maintain higher hourly productivity, partially offsetting lost days. Even so, the Rosso-Wagner framework demonstrates that every holiday has a measurable effect on national output, with the impact growing in larger economies like Germany, where each lost working day is worth roughly €3.4 billion.

Denmark’s decision to cut Store Bededag illustrates the trade-off governments face between fiscal priorities and tradition. As Europe continues to weigh the cost of its public holidays, policymakers must balance economic efficiency with social and cultural expectations.

Police in Paris remain on high alert days after a foiled attack on a Bank of America branch led to four people, including three minors, being placed under formal investigation. Authorities say the incident highlights potential risks to US and Israeli interests in France amid rising tensions in the Middle East.

American multinational investment bank Goldman Sachs placed its Paris offices under police surveillance on Thursday after US authorities warned of a threat from a pro-Iranian group planning attacks on US bank buildings in the city using explosive devices. The bank authorised its Paris employees to work remotely. “The safety of our employees is our absolute priority, and we are taking the necessary measures to ensure their security,” a spokeswoman told AFP.

While French security services believe France itself is unlikely to be directly targeted, officials warn that US and Israeli establishments could be at risk due to escalations in the region. Goldman Sachs declined to comment further when contacted by Euronews.

The heightened alert follows a foiled bomb attack on a Bank of America branch in Paris on 28 March. Four individuals—a young adult and three minors—have been formally charged. French authorities say the adult allegedly recruited the teenagers, who were reportedly tasked with planting an explosive device outside the building.

France’s National Anti-Terrorism Prosecutor’s Office indicated that the attack may be linked to Harakat Ashab al-Yamin al-Islamiya (HAYI), a little-known Islamist group with possible ties to Iran. No formal connection has yet been established. HAYI, which translates as the Islamic Movement of the Companions of the Right, has previously claimed responsibility for attacks on Jewish community targets in the UK, Belgium, and the Netherlands.

Security experts note that the timing of the alert is linked to the wider Middle East conflict. The US and Israel launched strikes against Iran on 28 February, sparking a regional escalation that has raised concerns about potential reprisals abroad.

French authorities have increased police presence around US-linked financial institutions and diplomatic missions. Sources say intelligence sharing between French and US security services has intensified to prevent any further attacks.

The Bank of America incident underscores a growing concern among multinational corporations operating in Europe. Companies with US and Israeli ties are reviewing security protocols, and some, including Goldman Sachs, have temporarily shifted employees to remote work while authorities monitor threats.

Analysts say that while the immediate risk to the general public remains low, the foiled attack demonstrates the capability of small extremist cells to exploit local recruits, particularly minors, in planning acts of terrorism. Authorities are urging vigilance and cooperation with law enforcement to prevent further incidents.