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EUR 87.4 bn to support workers through COVID-19

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EUR 87.4 bn to support workers through COVID-19

Workers

(BRUSSELS) - The EU Council approved Friday financial support of EUR 87.4 bn to 16 Member States in the form of EU loans under SURE - a temporary EU instrument to mitigate unemployment risks during the COVID-19 crisis.

The support will help the states finance the severe increase in public expenditure incurred as of 1 February 2020 as a result of the use of national short-time work schemes and similar measures, including for self-employed persons, and some health-related measures in response to the pandemic.

SURE, the temporary Support to mitigate Unemployment Risks in an Emergency is one of the three safety nets, worth up to €540 billion, that were agreed by the Eurogroup on 9 April 2020 and subsequently endorsed by the EU leaders to protect workers, businesses and sovereigns.

SURE is available for Member States that need to mobilise significant financial means to fight the negative economic and social consequences of the coronavirus outbreak on their territory. It can provide financial assistance up to EUR 100 billion in the form of loans from the EU to affected Member States to address sudden increases in public expenditure for the preservation of employment.

Talking about SURE, Germany's finance minister Olaf Scholz said: "Member states' considerable interest in this instrument confirms its significance and true added value for workers and companies. Millions of workers across the EU will benefit from this instrument."

Financial support under SURE is granted to member states as follows:

  • Belgium - €7.8 billion
  • Bulgaria - €511 million
  • Croatia - €1 billion
  • Cyprus - €479 million
  • Czech Republic - €2 billion
  • Greece - €2.7 billion
  • Italy - €27.4 billion
  • Latvia - €193 million
  • Lithuania - €602 million
  • Malta - €244 million
  • Poland - €11.2 billion
  • Portugal - €5.9 billion
  • Romania - €4.1 billion
  • Slovakia - €631 million
  • Slovenia - €1.1 billion
  • Spain - €21.3 billion

Other member states can still present their requests for financial assistance. Up to €100 billion can be provided under this EU instrument.

SURE loans are backed by the EU budget and guarantees provided by member states according to their share in the EU's GNI, for a total amount of €25 billion.

The guarantee agreements with the Commission have been finalised.

The Commission will now raise funds on international capital markets on behalf of the EU and provide them as back-to-back loans to the member states that requested the loans.

SURE - the temporary Support to mitigate Unemployment Risks in an Emergency


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