Econostrum | Economic News in the Mediterranean

EU to provide a further €47.5bn for the fight against the consequences of Covid-19

Written on Thursday, November 19th 2020 à 16:15 | Read 186 times

EU steps up its fight against the consequences of the pandemic (photo: European Commission)
EU steps up its fight against the consequences of the pandemic (photo: European Commission)
EU. Parliament and the European Council reached an interim agreement on Wednesday 18 November 2020 to "deploy additional resources and measures to mitigate the immediate effects of the Covid-19 crisis".

The EU wants to encourage recovery from the social consequences of the pandemic and prepare a green, digital and resilient recovery of the European economy. Its REACT-EU programme will provide an additional €47.5bn over two years, of which €37.5bn for 2020 and €10bn for 2022. The funding will come from the EU's Structural Funds.

It remains for the European Parliament and the European Council to vote on this text.

At the beginning of September 2020, a sum of €55 billion had been allocated by the same programme.

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