EC proposes 100BN euro solidarity instrument to help employees keep incomes, firms stay open

Written by on April 2, 2020 in Europe - Comments Off on EC proposes 100BN euro solidarity instrument to help employees keep incomes, firms stay open

The European Commission is further increasing its response to the Covid-19 pandemic by proposing to set up a 100 billion euro solidarity instrument, called SURE, to help workers keep their incomes and help businesses stay afloat, the Commission said on April 2

It is also proposing to redirect all available structural funds to the response to the coronavirus.

European Commission President von der Leyen said: “In this coronavirus crisis, only the strongest of responses will do.

“We must use every means at our disposal. Every available euro in the EU budget will be redirected to address it, every rule will be eased to enable the funding to flow rapidly and effectively.

“With a new solidarity instrument, we will mobilise 100 billion euro to keep people in jobs and businesses running. With this, we are joining forces with member states to save lives and protect livelihoods. This is European solidarity,” Von der Leyen said.

Farmers and fishermen will also receive support, as will the most deprived.

All of these measures are based on the current EU budget and will squeeze out every available euro, the European Commission said.

“They show the need for a strong and flexible long-term EU budget. The Commission will work to ensure that the EU can count on such a strong budget to get back on its feet and progress on the path to recovery,” the statement said.

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