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1. The largest aid scheme in the history of the EU
To help the EU recover from the economic and social impact of the pandemic, EU leaders have agreed to the extraordinary sum of 750 billion euros. The next generation EU recovery fund is worth € 1 billion. The payback package prioritizes investment in digital and green transformation. The European Council also agreed on a long-term EU budget (2021-2027). This will help drive economic growth for years to come and support citizens, businesses, and our economies. In total, the multiannual budget and the recovery fund amount to at least EUR 1 074 300 million. euros.
Along with 540 billion. The total recovery package of the three EU economic protection measures (workers, companies and Member States) amounts to 2,364,300 million euros. euros. The European Central Bank is also providing an additional € 1.35 billion to help governments overcome the crisis. under its bond purchase program.
2. Support to EU health systems and infrastructure
Assessing the EU’s capacity to respond to health crises is a key factor in tackling current and future financial crises. To help Europe cope, the EU has proposed a new improved program, the EU for health (EU4Health), which will improve the health systems of Member States and stimulate innovation and investment in the sector. This program is part of the “Next Generation EU” Recovery Plan.
The EU has also made medical supplies available by creating a common European pool of personal protective equipment and artificial lung ventilators in the rescEU pool. It also coordinated joint procurement and regulated the export of basic equipment to ensure a constant supply to the EU.
3. Providing safe and effective COVID-19 vaccines
Four COVID-19 vaccines have been approved in the EU and the vaccination was launched on December 27 across the Union.
The EU coordinated a joint effort to ensure a sufficient supply of safe and effective COVID-19 vaccines in the EU through pre-purchase agreements with vaccine manufacturers. To this end, the EU has signed six agreements with vaccine developers to ensure a reliable vaccine kit for EU countries. A total of 2.6 billion. vaccine dose.
Together with Member States and the World Health Organization, the EU is coordinating global efforts to ensure access to the vaccine for all. The EU will only be safe if it is safe in other parts of the world.
4. Aid for the coordination of tourism and travel measures
Europe is the world’s leading tourist destination and the sector is severely affected by the pandemic. The EU has presented a series of measures to help the industry overcome the crisis, as well as a package to revitalize European tourism. Aid measures have also been implemented in the transport sector to mitigate the effects of the pandemic on airlines, railways, roads and shipping companies.
EU countries have established a common framework of travel measures to preserve freedom of movement within the European Union during the COVID-19 pandemic. They agreed on common criteria to take into account when considering measures and a common definition of risk areas. According to data provided by Member States, the European Center for Disease Prevention and Control publishes a map of EU countries in different colors every Thursday. This map helps EU countries decide on travel arrangements, taking into account the epidemiological situation in each region.
EU countries have agreed that information on the new travel measures should be published 24 hours before they take effect. To help travelers plan safe travel and find reliable and up-to-date information on travel arrangements, the EU has created a Re-Open EU website in all 24 EU languages.
The measures taken to combat the outbreak have almost stopped cultural activity and the European Parliament wants specific support for the sector.
5. Protection of small and medium-sized enterprises
Small and medium-sized companies account for 99%. all businesses in the EU, so their survival is critical to the recovery of the EU economy. The EU has allocated € 1 billion from the European Fund for Strategic Investments to encourage banks and lenders to provide liquidity to more than 100,000 small European companies.
6. Support to agriculture, fishing
To avoid disruptions and shortages in our food supply, the EU Parliament has taken emergency measures to help farmers and fishermen affected by the Covid-19 pandemic. The measures include direct support to farmers and fishermen and greater flexibility in EU funding.
Furthermore, the EU has identified green corridors to facilitate the movement of food in Europe and has identified seasonal workers as crucial. Exceptional market measures have also been introduced to help EU wine, fruit and vegetable producers.
7. Protection of workplaces
To help workers keep their jobs during the crisis, the EU has introduced a measure to provide temporary support to reduce the risk of unemployment due to an emergency (SURE). Under this instrument, up to € 100 billion is provided to Member States on favorable terms. loans to cover the costs of existing national part-time measures. The first tranches of aid were disbursed to EU countries in 2020. in the autumn.
Under this measure, this year, March 30, 17 Member States received a total of 75.5 billion euros. euro support.
8. Promotion of EU solidarity
The EU and its Member States support partner countries’ efforts to combat the virus by providing financial support for emergency response to humanitarian crises and humanitarian needs. The EU has also activated the EU humanitarian aid airlift to provide humanitarian aid to countries in need.
In a spirit of solidarity, EU countries help each other. For example: Austria, Germany and Luxembourg have made it possible to treat critically ill patients from Belgium, the Netherlands, France and Italy in their intensive care units; Poland, Romania and Germany sent teams of doctors to Italian hospitals to help treat patients; Hungary and the Netherlands sent artificial lung ventilators to the Czech Republic; France shared vaccine doses with the Czech Republic and Slovakia.
The EU is ready to establish a vaccine exchange mechanism in the EU.
9. Bank loans on more favorable terms
To ensure that banks continue to lend to businesses and households in order to ease the economic downturn of the crisis, the EU Parliament has approved a temporary relaxation of prudential rules for European banks. Changes in the regulation of capital requirements will allow pensioners or employees with an indefinite employment contract to obtain loans under more favorable conditions, ensure credit flows for small and medium-sized companies and support investment in infrastructure.
10. Urgent assistance to the parties
To help Member States finance their response to the coronavirus crisis, the EU has adopted the Investment Initiative in Response to Coronavir. It will provide around € 37 billion from the EU Structural Funds. provide immediate financial assistance to EU countries trying to help people and regions in the current crisis.
11. Relaxation of state aid rules
As the pandemic spread across Europe, the EU announced a temporary framework of state aid rules to ensure sufficient liquidity for all types of businesses and help them stay afloat during and after the Covid-19 outbreak. Member States may provide financial assistance to meet urgent liquidity needs or to grant loans at favorable interest rates.
12. Protection of a weakened European company from foreign competitors
As a result of the economic impact of the coronavirus pandemic, many European companies have become vulnerable to subsidized foreign competitors. To protect companies, the EU Parliament has called for a level playing field for all companies in order to avoid distortions in the single market caused by unfair competition from foreign companies. In parallel, the EU has issued guidelines for member states on foreign direct investment, urging them to control investments outside the EU in order to avoid risks to the EU’s security and public order.
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