The aim of the project is to empirically analyze the long-term and intergenerational consequences of economic upheavals on human capital formation. Human capital formation is seen as a key mechanism to increase individual employment and life opportunities as well as social mobility. Investment in education is also regarded as a driving force behind socioeconomic development. However, economic upheavals, such as macroeconomic recessions, corona-related school closures or family income shocks, can impair efficient and equitable investment in education. Private and public insurance mechanisms to protect human capital investments from shocks, such as public education, parental time allocation and migration decisions, therefore play an important role. The project aims to examine the possible effects of the corona pandemic on education and social inequality as well as the effect of parents' migration decisions on their children's human capital formation. In addition, the project contributes to the analysis of the effectiveness of educational and social policy measures to contain the negative impact of economic upheavals on human capital. The results should help to underpin the scientific and public debate on the medium and long-term consequences of economic upheavals on the formation of human capital with evidence-based analyzes and recommendations for action.