EU proposed €750 billion coronavirus recovery fund

The European Union (EU) commissioner Paolo Gentiloni 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. 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, over the next three years, and Spain would receive €77.3 billion.

Germany would receive €28.8 billion and France would receive €38.7 billion.

The fund will be linked to the EU’s long term budget for 2021 to 2027.