A group of U.S. East Coast states is coordinating the opening of beaches for Memorial Day weekend. Italy had the fewest new coronavirus cases in four days while the German economy shrank the most in more than a decade. Abbott Laboratories fell after the U.S. Food and Drug Administration said its Covid-19 test has potential accuracy issues, and British American Tobacco said it will begin testing an experimental vaccine in humans. The financial cost of the global crisis could reach $8.8 trillion, but the higher cost—the one in lives—already stands at 306,000, with 4.5 million infected and 1.6 million recovered. Here is the latest on the pandemic. —David E. Rovella

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

New York, the planetary epicenter of the catastrophe with 27,000 dead, telegraphed the beginning of a new phase for the state. Governor Andrew Cuomo said he expects a “controlled” increase in coronavirus cases as some of the Empire State’s regions lift restrictions. New York City and its eastern suburbs however will remain shut for two more weeks. Across the rest of America, some restrictions are being lifted as infections continue to rise, moves that experts warn will have horrific consequences for a nation that has already suffered 1.4 million infections and 87,000 deaths.

Former Vice President Joe Biden is planning “a number of significant” hires in preparation for the general election. The campaign is also expected to roll out a new website and live-streaming platform for the presumptive Democratic Party nominee in his bid to unseat President Donald Trump.

Millions of Americans owed tens of billions of dollars in unemployment benefits are still waiting for help they were promised months ago. States continue to struggle with outdated systems amid a surge that has seen 36.5 million people, about one in five American workers, file for unemployment since mid-March.

The Fed issued a stark warning Friday that stock and other asset prices could suffer significant declines should the pandemic deepen, with the commercial real estate market among the hardest-hit.

A little-noticed provision in the bailout bill Congress passed in March is being exploited by fossil fuel firms, allowing them to rake in millions of taxpayer dollars. “This is a stealth bailout for the oil and gas industry,” says one watchdog group.

China contends that it didn’t know until Jan. 19 how infectious the new coronavirus is, attempting to push back against accusations that it intentionally withheld information about the severity of the outbreak.

Face masks, gloves, disinfectants, plexiglass, temperature checks and yes, even longer lines. Get ready for the airport, pandemic-style. Says one airport CEO: “The whole travel experience will be as enjoyable as open-heart surgery.”

What you’ll need to know tomorrow

• House Speaker Pelosi moves forward on $3 trillion virus relief bill.
• Trump says he has a “super-duper missile.”
• The U.S. economy has broken some more grim records.
• Meatpacking-plant communities see faster spread of Covid-19.
• Elon Musk is reportedly building a Cybertruck factory in a red state.
• Bloomberg Opinion: America needs another New Deal.
• If you love whisky, this is the trip you must take.

What you’ll want to read in Bloomberg Pursuits

The Sandwich to End All Sandwiches Is Here

Pity your poor refrigerator. The hard-working kitchen stalwart now has to provide shelter for everything from overzealous yogurt purchases to half-finished sauce jars, fresh lettuce from the farmers market and leftovers from last night’s dinner. But inside, if you dig deep, there’s gold: You can find the sandwich to end all sandwiches.

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