The EU has approved financial support of 87.4 billion euros

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The EU has approved financial support of 87.4 billion euros

28.09.2020 News

The Council of the European Union approved funding in the amount of 87.4 billion euro for the Member States in the form of the loans under the SURE – temporary EU instruments to reduce the risk of unemployment during the pandemic coronavirus COVID-19.

This support should help for the Member States to finance sharp increase in the public spending from 1 February 2020 as a result of the use of national short-term work schemes and similar measures, as well as some health-related measures in the response to pandemic.

It is one of three social protection systems worth up to 540 billion euros, which were agreed by the Euro group on April 9, 2020 and subsequently endorsed by EU leaders to protect workers, businesses and states.

Italy and Spain can count on the largest financial support – 27.4 billion euros and 21.3 billion euros, respectively. A total of 16 Member States are supported.

Other Member States may still grant their request for financial assistance. Under this circumstances, the EU can allocate up to 100 billion euros.

SURE loans will be supported by the EU budget and guarantees from the EU member states according to their share in the EU’s gross national income. The total amount of guarantees will be 25 billion euros.

The tool will run until December 31, 2022. On the proposal of the European Commission, the Council may extend this period if required by the economic situation.

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