New York could lose $9.7 billion in tax revenue by mid-2021 as well as 475,000 jobs due to the coronavirus shutdowns, according to a report unveiled Wednesday by the city’s Independent Budget Office.

“In terms of its impact on employment, a recession in which the city lost 475,000 jobs would be the worst it has faced since the early 1970s,” the report says.

The IBO estimates a $2.9 billion revenue loss related to the pandemic for the remainder of the fiscal year ending June 30 and another $6.7 billion drop for fiscal 2021.

The retail industry is expected to be hit the hardest, losing 100,000 jobs over the next year. The IBO also predicts a loss of 86,000 jobs in hotels and restaurants and another 26,000 in the arts, entertainment and recreation industries.

“Damage from the pandemic is particularly intense in New York City because the city’s economy relies heavily on industries that have been largely shut down in order to limit the spread of the coronavirus,” says the report.

Sales tax and personal income tax would be among the hardest area’s hit. IBO predicts a shortfall in sales tax revenues of $1.1 billion in 2020 and $3.1 billion next year. It also estimates personal income tax revenues will fall short of IBO’s January estimate by $1.4 billion this year and $1.2 billion in 2021.

The findings are even grimmer than a similar study released by Comptroller Scott Stringer last month that estimated the pandemic could cost the city $6.1 billion in tax revenue through fiscal 2021.

Mayor Bill de Blasio did not dispute the IBO’s report, telling reporters Wednesday he believes revenue losses could hit up to $10 billion and result in about a half-million residents being unemployed.

He also called on the federal government for help “in the time of crisis,” saying “the billions and billions of dollars of revenue we’ve lost … isn’t the fault of everyday New Yorkers.”

“Remember the famous headline back during the [1970s] fiscal crisis, ‘Ford to City: Drop Dead’?” he said. “Well, it’s Donald Trump’s time to decide what kind of headline he wants.”

He later doubled down during an CNN appearance, saying “Washington’s got to step up”

“I’ve lost between 5 and 10 billion dollars just in the last month or so, and I’m not going to be able to pay the bills and keep my city going so that we can help lead that recovery,” de Blasio said.