EU proposes 750 billion-euro coronavirus recovery fund

Highlights:

  • The European Union (EU) Commission has proposed a 750 billion-euro ($825 billion) recovery fund "European breakthrough" to help the bloc's economy through the deep recession induced by the COVID-19 pandemic. 
  • It was announced by the commissioner Paolo Gentiloni. 
  • The aim is to tackle an unprecedented crisis.
  • The move comes as the EU plans to enter its deepest-ever recession as the impact from the COVID-19 pandemic ravages economies.
  • The plan comes following big pressure from Italy and Spain.
  • If EU member states accept the deal as drafted, Italy would receive 81.8 billion Euro, over the next three years, and Spain would receive 77.3 billion Euro.
  • Germany would receive 28.8 billion Euro and France would receive 38.7 billion Euro.
  • The fund will be linked to the EU's long term budget for 2021 to 2027.