Coronavirus disease 2019 (Covid-19) pandemic, caused by the Severe Acute Respiratory Syndrome Coronavirus-2 (SARS-COV-2), posed a global health threat. The Covid-19 crisis was accompanied with health and socio-economic consequences in societies. The Covid-19 pandemic found the world unprepared to face the unexpected consequences it brought directly and indirectly into every human life. Difficulties were felt especially in poor countries, where their populations due to the low standard of living faced additional difficulties in managing everyday life in fight with the virus. Albania reported the first Covid-19 case in March 2020 and since then, the daily cumulative incidence has been varying over the months. An evaluation of the economic and health impact of the disease helps to identify possible strategies for reducing the cost of disease with the appropriate preventive action or treatment strategies. A mixed methodology research was developed in order to evaluate the impact of Covid-19 in the economic and health status of the Albanian population. Literature review of similar researches in national and international level was selected as the secondary source of data collection. In addition, a cross-sectional survey was designed and conducted to quantify the in-depth insights and experiences of individuals, regarding the challenges from Covid-19. The main aim of this paper is to reflect the overall picture of the health and economic costs faced by individuals brought by the Covid-19 pandemic globally and the specific consequences for Albania. Covid-19 is urging a long-term crisis in different aspects of the Albanian society’s development. This pandemic exposed the crucial need for early interventions and sustainable policies in major momentums of the disease: prevention, treatment, recovery/reintegration in society. On the other hand, the world economy is in a stagnation point conditioned by government policies oriented by experts in the field to suspend a series of commercial and productive activities, which have brought as never before the consequences assessed deeper than the Great Depression of the period 29`-33` such as: unemployment, business bankruptcy, declining domestic production (GDP) and trade exchanges, reduced investment, difficulties in repaying debts, etc.