In the context of the coronavirus pandemic, and its expected economic impact, this European University Association (EUA) briefing explores the possible implications for university funding in Europe in the short to medium term. Based on a wealth of data collected under the EUA Public Funding Observatory over more than a decade, the briefing focuses on lessons learnt from the 2008 global financial crisis. It analyses the pitfalls of past policy and institutional responses to the global financial crisis, which proved to be ineffective or even risky in the longer term. The EUA briefing presents a series of recommendations on how to avoid repeating mistakes and how to move ahead at a stage in which policymakers and institutional leaders are searching for solutions to the economic recession expected to be triggered by the Covid-19 crisis.