NEW YORK (CNN/Money) - U.S. employers stand to lose nearly $7 billion this winter in flu related costs, and that's not even accounting for a bird flu outbreak, according to a study Thursday.

Statistics show that five to 20 percent of the population gets the flu each year, which could result in 70 million paid sick days off for employers, according to the outplacement firm Challenger, Gray & Christmas, Inc.

"If the outbreak reaches pandemic proportions, as is the fear with the avian flu, we will be facing not only unscheduled workplace absences but catastrophic economic consequences related to skyrocketing health care costs, plunging travel and tourism, a sharp decline in retail sales and a significant drop in consumer confidence," Challenger Chief Executive John A. Challenger said in a statement.

The report urged companies take protective measures including offering more telecommuting, encourage sick workers to stay home and even require employees to wear face masks in the workplace.

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Bird flu doomsday scenario for world economy. Click here