The Y2K problem or Millennium bug threatened to bring doomsday to modern society at the end of the 20th century. We all remember the hype, but what really happened and was all our preparation worth it?
We all know that the Y2K bug created no disasters. Nothing really happened at the turn of the millennium, making people wonder if a pending global computer meltdown was all a hoax. In reality, many things likely did not need fixing, including most embedded chips. However, you never get credit for the disasters you avert. A Senate report concluded that government and industry did successfully avert a crisis at the cost of $130 billion. Yet, one research group estimated that government and industry overspent by 30%. The good news is that all the Y2K preparation was not actually a waste of time, because it prepared businesses for future disasters. Take 9/11 as an example. Because of all the work done for Y2K, the financial markets were able to open the very next day after this tragedy.