World spent $200 billion on Y2K fixes, U.S. says
- By Judi Hasson
- Dec 30, 1999
Governments and companies worldwide spent $200 billion to prevent a Year2000 catastrophe, Y2K chief John Koskinen said at an early morning newsconference Jan. 1.
Koskinen told reporters that the United States has spent $100 billion sinceit began trying to solve the problem in 1995. He said the rest of the worldspent an additional $100 billion.
Koskinen said the federal government's tab topped $8.5 billion to preparethe agencies for the Year 2000 rollover.
While Koskinen, whose steadfast optimism was a constant throughout thegovernment's four-year battle against the clock to fix computers for theYear 2000 problem, said it was too early to declare victory over thecomputer glitch, he said he was "pleasantly surprised" by the lack ofcomputer problems worldwide. "We expected we'd see more problems."
However, Koskinen warned that more problems could surface when businessesopened on Monday morning and powered up their computers.