University librarians are preparing for tough times ahead, even though the fiscal impact of the COVID-19 pandemic is yet to be fully understood. Could big deals with publishers be on the chopping block? In the wake of the 2008 financial crisis, library budgets were hit hard. Cuts were widespread and ran deep. Staff, collections, equipment and facilities at even the wealthiest institutions were affected. While tough economic times call for all areas of an institution to tighten belts, libraries seemed to be particularly adversely impacted by the recession. Library budgets as a percentage of total institutional spending shrank, and in some places they never fully recovered.
https://www.insidehighered.com/news/2020/04/17/college-librarians-prepare-looming-budget-cuts-and-journal-subscriptions-could-be
