Economic response against COVID-19 pandemic

Submitted by Audry Maulana on 24 April 2020

To cushion the blow to people’s livelihoods and the economy, the European Commission has adopted a comprehensive economic response to the outbreak, applied the full flexibility of the EU fiscal rules, has revised its State Aid rules and set up a €37 billion Coronavirus Response Investment Initiative to provide liquidity to small businesses and the health care sector.

In addition, on 2 April, the Commission proposed far-ranging measures to mobilise every Euro of the EU budget to protect lives and livelihoods. These measures include SURE - Support mitigating Unemployment Risks in Emergency, helping to preserve jobs and support families. It also proposed to redirect all available structural funds to the response to COVID-19. Farmers and fishermen will also receive support, as will those most deprived of aid. An EU Solidarity for Health Initiative worth €3 billion will cater for the needs of Member States’ health systems.

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