Executives at the Metropolitan Museum of Art in Manhattan are preparing for an economic fallout from the coronavirus pandemic that could be worse than initially projected. Facing a potential shortfall for the next fiscal year that might swell to $150 million — 50 percent larger than what was forecast in March — the museum announced layoffs for more than 80 employees and executive pay cuts upwards of 20 percent in a letter to staff on Wednesday.

“While we are not immune from the impact of this pandemic, the Met is a strong and enduring institution and will remain one,” Daniel Weiss, president and chief executive of the museum, said in a statement. “Our two primary objectives continue to be doing all that we can to support the health and safety of our community and to protect the long-term financial health of the Museum.”

A museum spokesperson said that the layoffs would amount to a 26-percent reduction in staff across the Met’s visitor services and retail departments, because of an expected decrease in attendance for a sustained period of time. Affected staff members will be paid through the first week of June. The museum had previously planned to reopen in July, but is now looking farther into the future after having to cancel its 150th anniversary summer celebrations.

Faced with the dimming prospect of a fast recovery from the pandemic, many museums are now winnowing their events calendars for the fall and forecasting prolonged closures.