The coronavirus outbreak is a major shock for the European and global economies. Member States have already adopted or are adopting budgetary, liquidity and policy measures to increase the capacity of their health systems and provide relief to those citizens and sectors that are particularly impacted.
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. The Commission launched a new initiative called 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 the coronavirus.