The European Commission has allocated €14 billion to nine Member States under the Support to mitigate Unemployment Risks in an Emergency (SURE) programme
The €14 billion loan is the fourth instalment from the Support to mitigate Unemployment Risks in an Emergency (SURE) programme to provide financial support to Member States.
Of the nine Members receiving the funding, Belgium has been granted €2 billion, Cyprus €229 million, Hungary €304 million, Latvia €72 million, Poland €4.28 billion, Slovenia €913 million, Spain €1.03 billion, Greece €728 million and Italy €4.45 billion.
The funding will assist the Member States in addressing sudden increases in public expenditure to preserve employment and cover the costs directly related to the financing of national short-time work schemes that have been put in place as a response to the coronavirus pandemic.
Members of the College said:
President Ursula von der Leyen said: “Under the SURE programme, the EU has mobilised up to €100 billion in loans for EU Member States to save jobs and keep people in work. The funds are regularly making their way to our Member States, helping them financially to mitigate the impact of the coronavirus pandemic.”
Commissioner Johannes Hahn, in charge of Budget and Administration, said: ”Following the fourth successful bond issuance under SURE, we have now disbursed more than half of the funds foreseen under this instrument. The 15 Member States benefitting from the initial four disbursements are now better equipped to alleviate the social impact of the coronavirus pandemic. We will proceed with a speedy implementation of the rest of the programme in order to provide all authorised funds for the 18 Member States that have so far requested financial support under this instrument”.
Paolo Gentiloni, Commissioner for Economy, said: “Today, the European Commission pays out a further €14 billion to support workers in nine hard-hit EU countries. The pandemic continues to weigh on our economies and while we know there is light at the end of this tunnel, we don’t yet know how much longer until we reach it. That’s why SURE and the European solidarity it represents are so important.”