Abstract
The current pandemic crisis is unique in its kind, becoming a global cataclysm with a multilateral impact and an extended spread over time. Affecting all aspects of human activity, this crisis has inevitably affected the higher education system, and its consequences are manifesting both locally and internationally. The purpose of this paper was to establish the influence of crisis on the economic situation of higher education institutions. After studying of different institutions reports, analytical presentations of authors from different countries, as well as the author's communication with colleagues from different educational institutions during online academic meetings, it became possible to compile a complex picture of economic consequences of the COVID-19 crisis on higher education system. The research results showed an extremely uneven spread of the economic effects of the pandemic crisis. Thus, the least COVID-19 crisis has affected universities in industrially developed countries and the disastrous impact will manifested in developing countries. In addition, a dependence of evolution of economic situation of educational institutions of a complex of important factors was detected. It is about of change in living standard of the population, the capacity of the local authorities to manage the consequences of the pandemic, the changes in higher education policies, presiding students to do higher education, managerial ability to manage the economic and financial status of higher education institutions and others. Likewise, certain ways of solving economic problems have been outlined.