The EU is setting up a 25 billion-euro fund for coronavirus-induced crises



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The EU is setting up a 25 billion-euro fund for coronavirus-induced crises



The European Commission will set up a 25 billion-euro fund from existing sources to respond to coronavirus-induced economic crises, European Commission President Ursula von der Leyen announced today.

Speaking after the video conference with European leaders, Von der Leyen said the investment fund should be funded with an EU 7.5 billion available immediately.



These are funds that have not been used by national governments for bureaucratic reasons. Instead of sending them back to Brussels, they can now use them to help their economies, an unnamed European official told Reuters.

Focused on healthcare, SMEs and the job market

“This instrument will reach EUR 25 billion very soon. To achieve this, I will propose to the EU Council and the European Parliament that we release EUR 7.5 billion this week,” the Commission President said.

The investment fund will focus on health, SMEs and the job market, she added.

European Council President Charles Michel said that the Heads of State and Government of the EU Member States highlighted the need for a common approach and cooperation and identified four priorities.

Four priorities

The first is to limit the spread of the virus by measures that are proportionate to the dangers and based on science and medicine. The second priority is to provide medical equipment, and the commission is tasked with analyzing the needs and proposing measures to prevent equipment shortages.

A third priority is research, including finding a coronavirus vaccine. The Commission has already mobilized € 140 million for these purposes and selected 17 projects to work on it.

The fourth priority is to address the economic consequences, and the Union and its Member States have emphasized their willingness to use all the necessary instruments.

The EU is setting up a 25 billion-euro fund for coronavirus-induced crises

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