37 billion euro investment initiative. Commission acts to make available 37 billion euro from the EU budget to address the Coronavirus. https://www.eudebates.tv/debates/eu-policies/health-eu-policies/coronavirus-italy-on-high-alert-and-eu-tests-its-readiness-for-covid-19/ #eudebates #coronavirusitalla #Covid_19 #coronavirus #CoronavirusOutbreak #Corona #COVD19 #Health #EUCO #COVID EU competition chief Margrethe Vestager urged countries not to flout rules on state aid provisions to weather the viral storm.
EU use all possible means! Cohesion funds, advancing payments and spends money to fight Coronavirus! 37 billion euro investment initiative
The Commission has taken steps to make available 37 billion euro from the EU budget to fight the Coronavirus crisis under its Coronavirus Response Investment Initiative.
The Commission will use all possible means – advancing payments, redirecting cohesion funds and making it possible to spend the money on what is most needed – to address the Coronavirus crisis. The goal is to support EU countries and their citizens in these extraordinary circumstances.
The Coronavirus Response Investment Initiative is part of the European coordinated response to counter the economic impact of the Coronavirus.
The Dane said there was a seven-day hotline available for member states to consult the Commission on legal ways to prop up ailing companies.
“We have to be able to rely on the European single market to help our economies weather this outbreak,” she said.
“Working with governments to compensate sectors hit particularly hard will work fast with any member states for schemes to compensate companies or to reimburse people for tickets that have been cancelled,” she added.
Mrs von der Leyen added: “We are absolutely ready to help Italy with whatever is necessary. Whatever they need, we will answer. And they will be hit by the crisis that follows Coronavirus.
“We will help the Italian people and the Italian government. We are all, in this moment, Italians.”
“Our rules allow a wide-range of state aids in member states with emergency cases, and that is the case of Italy.”
Much of the cash being spent by the Commission comes from “sleeping money”, according to the Commission’s president.
“We free money that wouldn’t otherwise have been used,” she explained.
Britain continues to pay into the bloc’s annual budget as part of the post-Brexit transition period, but it was not made clear whether the country will be able to access the EU funds.
UK taxpayers will fork out at least £10 billion to the Brussels coffers up until the end of the year.
