Formula 1 would no longer be considered a "great sport" if a few of the smaller teams drop off the grid insists 2016 world champion Nico Rosberg.

Grand Prix racing has been put on pause indefinitely because of the global COVID-19 pandemic. But while the 2020 season has yet to get underway, teams continue to bleed money amid the sport's economic downturn.

Formula 1 has imposed measures to try and mitigate the financial impact of the coronavirus crisis, but McLaren boss Zak Brown has warned of potential dire consequences for the smaller teams if more is not done to protect the sport's weakest members.

Rosberg agrees that F1 needs to make the survival of the smaller outfits on the grid its top priority.

"The biggest issue at the moment is the financial situation for some of the smaller teams because the F1 circus needs all teams to participate," he told Deutshe Welle.

"If two or three smaller teams drop out, then it's not really a great sport anymore because there's just not enough teams competing and not enough teams on the grid."

So far, McLaren, Williams and Racing Point have announced temporary layoffs while the Formula 1 itself has furloughed half of its staff.

On the regulatory front, next year's technical rules have been delayed to 2022 while teams will extend the use of this year's designs into 2021.

Furthermore, on Monday, F1's chiefs and the teams met to discuss a reduction of next year's mandatory budget cap

In light of the measures and initiatives, Rosberg is encouraged by F1's efforts to help stem the financial hemorrhage.

"A lot of revenues will be lost, but at the same time, F1 has already implemented measures now to save a lot of money," added the German.

"Development has been halted and postponed. So that's going to save a lot of money. And they're in discussions for many other things. They're doing the right things."

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