Coronavirus: Commission proposes to provide €81.4 billion in financial support for 15 Member States under SURE

(Credit: Unsplash)

This article is brought to you in association with the European Commission.


The European Commission has presented proposals to the Council for decisions to grant financial support of €81.4 billion to 15 Member States under the SURE instrument. SURE is a crucial element of the EU’s comprehensive strategy to protect citizens and mitigate the severely negative socio-economic consequences of the coronavirus pandemic. It is one of the three safety nets agreed by the European Council to shield workers, businesses and countries.

Once the Council approves these proposals, the financial support will be provided in the form of loans granted on favourable terms from the EU to Member States. These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment. Specifically, they will help Member States to cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed.

Following consultations with the Member States that have requested support and after assessing their requests, the Commission proposes to the Council to approve the granting of financial support to:

Belgium€7.8 billion
Bulgaria€511 million
Czechia€2 billion
Greece€2.7 billion
Spain€21.3 billion
Croatia€1 billion
Italy€27.4 billion
Cyprus€479 million
Latvia€192 million
Lithuania€602 million
Malta€244 million
Poland€11.2 billion
Romania€4 billion
Slovakia€631 million
Slovenia€1.1 billion

SURE can provide financial support of up to €100 billion in total to all Member States.  The proposals put forward by the Commission to the Council for decisions to grant financial support amount to €81.4 billion and cover 15 Member States. Portugal and Hungary have already submitted formal requests which are being assessed. The Commission expects to put forward a proposal to grant support to Portugal and Hungary shortly. Member States which have not yet made formal requests may still do so.

Loans provided to Member States under the SURE instrument will be underpinned by a system of voluntary guarantees from Member States. The Commission expects that the process of Member States finalising their guarantee agreements with the Commission will be completed very shortly.

Members of the College said:

President Ursula von der Leyen said: “We must do everything in our power to preserve jobs and livelihoods. Today marks an important step in this regard: just four months after I proposed its creation, the Commission is proposing to provide €81.4 billion under the SURE instrument to help protect jobs and workers affected by the coronavirus pandemic across the EU. SURE is a clear symbol of solidarity in the face of an unprecedented crisis. Europe is committed to protecting citizens.”

Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People, said: “Workers are currently enduring enormous insecurity, and we need to support them to overcome this crisis and relaunch our economies. That is why the Commission proposed SURE, to help protect workers and facilitate the economic rebound. Today, we welcome Member States’ strong interest in accessing the cheap funding available under SURE to support short-time work schemes and similar measures, and we look forward to a fast decision process to start disbursing the loans.”

Nicolas Schmit, Commissioner for Jobs and Social Rights, said: “SURE was one of the first safety nets we decided to put in place to guarantee that workers have an income while their jobs have been suspended, and that their employment is preserved. SURE will therefore help a swifter recovery. All Member States will soon have provided a cumulative €25 billion in guarantees, and we propose that the 15 Member States who requested support receive a cumulated €81.4 billion in loans. This is a demonstration of European solidarity, of how together we are stronger for the benefit of all European citizens.”

Paolo Gentiloni, Commissioner for Economy, said: “Short-time work schemes have played a key role in cushioning the impact on jobs of the COVID-19 pandemic. SURE is the European Union’s contribution to these essential safety nets. It will help to protect workers against unemployment and preserve the jobs and skills that we will need as our economies recover. The high demand from our Member States confirms the vital importance of this scheme.”

Background

As part of its coronavirus response, the Commission proposed SURE on 2 April 2020. Member States in the Council adopted the regulation establishing SURE on 19 May 2020.

Each Member State’s contribution to the overall amount of the guarantee corresponds to its relative share in the total gross national income (GNI) of the European Union, based on the 2020 EU budget.

the sting Milestones

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

The Japanese have a word to help them be less wasteful – ‘mottainai’

Commission adopts €70 million package for early access to EU COVID-19 vaccines in the Western Balkans

Who holds the key to the future of biotechnology? You do

UN rights chief bemoans unilateral sanctions on Venezuela, fearing ‘far-reaching implications’

Aid used for trade is helping developing countries diversify

OECD leading multilateral efforts to address tax challenges from digitalisation of the economy

UN rights expert calls for end to ‘purgatory’ of ‘international inaction’ facing Myanmar’s remaining Rohingya

Trump wants to implicate China in US attacks against global order

Is “Sustainable Development” a concept that integrates Health Literacy and Health Policy as a global health action?

With science ‘held back by a gender gap’, Guterres calls for more empowerment for women and girls

Human Rights Council election: 5 things you need to know about it

EU budget: Boosting cooperation between tax and customs authorities for a safer and more prosperous EU

Eurozone plans return to growth

Climate change update: consistent global actions urgently needed as we are running out of time

Fair completion rules and the law of gravity don’t apply to banks

Eurozone very close to a sustainable growth path

FROM THE FIELD: For refugees and migrants in Europe, healthcare’s essential but a challenge to find

Coronavirus: Commission receives first preliminary application for support from the EU Solidarity Fund for health emergency from Italy

On Human Rights Day European Youth Forum calls for end to discrimination of young people

With Gaza violence ‘escalating as we speak,’ UN envoy calls for ‘immediate stop’

Suffering of thousands of war-affected Syrian children ‘unprecedented and unacceptable’

#TwitterisblockedinTurkey and so is Erdogan

Ukraine: €8 million in humanitarian aid to withstand winter

‘Agile’, multilateral response vital to combat terrorism – UN chief Guterres

5 facts you might not know about why forest biodiversity matters

Recovery and Resilience Facility: Belgium, Italy, Austria, and Slovenia submit official recovery and resilience plans

Australia wants to build a giant underground ‘battery’ to help power the nation

Commission proposes to top up support for refugees in Jordan, Lebanon and Turkey

Four things workers want implemented by their bosses post-pandemic

Industrial price dive may lead to point of no return

5 creative alternatives to plastic packaging

FROM THE FIELD: Malawi farmers diversify to fight climate change

The JADE Spring Meeting is about to begin

Boris to end up in jail if he loses the next elections?

6 ways to ensure AI and new tech works for – not against – humanity

Pushing for tax fairness in a digital world

‘Global clarion call’ for youth to shape efforts to forge peace in the most dangerous combat zones

Global health challenges require global medical students

Safer products: EP and Council close deal to beef up checks and inspections

Nagasaki is ‘a global inspiration’ for peace, UN chief says marking 73rd anniversary of atomic bombing

Investing in nature gives industry and business a competitive advantage. Here’s why

CLIMATE CHANGE FOCUS: Climate-proofing Timor-Leste

UNICEF warns of ‘lost generation’ of Rohingya youth, one year after Myanmar exodus

Here’s how we get businesses to harmonize on climate change

EU allocates over €43 million in humanitarian aid to South Sudan

The 5 lessons from New York Climate Week to help us combat deforestation

UN rights office calls on Zimbabwe Government to end ‘crackdown’ in response to fuel protests

1 in 13 young British people have PTSD. Here’s why

The blackened white coat of the doctors

The clothes of the future could be made from pineapples and bananas

COVID-19: Team Europe supports African, Caribbean and Pacific countries to access finance through digital technology

Christine Lagarde: the three priorities for the global economy

“Asia-Pacific takes stock of ambitious development targets”, written by the Heads of UNFPA and ESCAP

Healthcare guidance apps to professional’s continued education?

End fossil fuel subsidies, and stop using taxpayers’ money to destroy the world: Guterres

Youth not prioritised in new Commission

State aid: Commission approves €286 million Finnish measure to recapitalise Finnair

A bad marriage can be as unhealthy as smoking and drinking

Coronavirus Global Response: Commission joins the COVID-19 Vaccine Global Access Facility (COVAX)

Eurozone’s sovereign debt not a problem anymore?

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s