RecoveryEU Approves $580 Billion to Mitigate COVID-19 Consequences

Published 24 April 2020

The European Union approved a $580 billion aid package to help mitigate the consequences of coronavirus pandemic lockdowns in member countries. VOA News reports that European Council President Charles Michel said Thursday the package was expected to be operational by 1 June. Michel said it would help pay lost wages, keep companies afloat and fund health care systems. At Thursday’s virtual summit, the EU leaders also agreed on a recovery fund, without giving a specific figure, intended to rebuild the 27-nation bloc’s economies. However, officials said $1.1 trillion to $1.6 trillion would be needed. European Commission President Ursula von der Leyen said the impact of the economic crisis following the coronavirus outbreak is unprecedented in modern times.