The study, which was prepared as part of the joint project "Northern Germany and the Corona Crisis: Economic Consequences and Need for Economic Policy Action" by the Kiel Institute for the World Economy (IfW) and NORDAKADEMIE University of Applied Sciences, takes stock of the economic consequences of the Corona crisis for Hamburg and Schleswig-Holstein. The authors provide an overview of the impact of the pandemic and the pandemic response on economic output and employment in the two federal states in the course of the years 2020 and 2021. The development in the individual sectors is analyzed and "winners" and "losers" of the crisis are identified. One focus is on the development of tourism in Hamburg and Schleswig-Holstein, and special attention is also paid to the development of the Port of Hamburg during the Corona years. The aid programs of the federal government as well as Hamburg and Schleswig-Holstein are presented and evaluated. Finally, it is discussed whether Germany's federal system proved its worth during the Corona years.