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Battered oil prices and the state’s economic shutdown in response to the coronavirus is expected to punch a $416 million hole in this year’s state budget, Gov. Kevin Stitt announced Friday.

A panel led by Stitt will meet on Monday to declare a revenue failure, and lawmakers will return to the state Capitol to help shore up the budget for the fiscal year that ends June 30. Lawmakers have about $1 billion in savings, and the state is expected to receive about $844 million as part of the $2 trillion federal aid package.

The shortfall is even larger than budget officials projected earlier this week.

The Legislature is returning for a special session that was automatically triggered on Thursday when Stitt declared a statewide health emergency that gives the governor sweeping new powers to help battle the COVID-19 outbreak.

The Legislature also never adjourned its regular session. House and Senate leaders have said they intend to return later in the spring to vote on next year’s budget and pass a few essential bills.