(IDG) -- While one in six IT professionals interviewed by market research firm International Data Corp. (IDC) expects widespread disasters to result from Y2K bugs, the research firm doesn't believe Y2K-related computer glitches will have much of a long-term negative effect on the world's economy.

The findings, released this week, are among the results of IDC's 12-month-long Project Magellan effort, an ongoing worldwide survey of Y2K issues. The Project Magellan team will be in place around the world on New Year's Eve to report live on Y2K computer-related happenings.

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IDC expects to reap information on New Year's Eve from the many people who will be at work in IT shops that night. IDC says up to five million extra people will be working on New Year's Eve in the U.S., including a couple of million in state, local and federal government offices. At companies with 500 or more employees, more than 80% of the firms will have IT staff available at midnight on Jan. 31, IDC says.

The IDC survey has found lots of good and bad news.

The good news:

The worldwide impact of Y2K-related computer downtime will take only $23 billion out of the global economy next year. That will be less than a tenth of a percent of global revenues for the year.

Some 57% of IT professionals around the world expect no problems at all from Y2K computer glitches, while nearly 80% of IT professionals in the U.S. feel that way.

The world's IT organizations are very well set for Y2K, with contingency plans already in place at most large organizations and many smaller ones.

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The bad news:

Based on a survey of 10,000 organizations in 17 countries, almost 40% of Y2K remediation projects underway across the globe are not finished (although these findings are skewed by the fact that many of the companies with incomplete projects are very small firms).

The final price tag for fixing the Y2K bug will be $320 billion worldwide and $134 billion in the U.S. (U.S. organizations have already spent most of that money).

Even though places such as Hong Kong and Sweden are well prepared for Y2K-related computer problems, they could suffer as much as some unprepared countries given that their economies are so automated.

Network World Fusion will continue to provide updates on IDC's Project Magellan findings throughout the next week, including on New Year's Eve and Day.

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(The Industry Standard)
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RELATED SITES:

Global Millennium Foundation
The Year 2000 Information Center
U.S. Government Y2K site

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