As schools and nurseries start to open, the education sector is taking stock of the likely short- and long-term effects of the COVID-19 pandemic. And they’re going to be big. The direct shocks of school closures will lead to learning loss, higher drop-out rates, adverse health and nutrition effects, and worsening inequality. In the medium- to long-term, the economic crisis in the wake of COVID-19 is almost certainly going to lead to less money for education from households, governments, and donors. These cuts will affect all areas of education—and ultimately each country will need to consider its own priorities and tradeoffs.