The European Council has released new funding from the EU budget for tackling the COVID-19 crisis, in shape of the ‘Coronavirus Response Investment’ (CRII) initiative. This will give Member States access to €37 billion of cohesion money to strengthen healthcare systems. This initiative gives greater flexibility for countries to reallocate financial resources to specific need in the health sector as well as to support SMEs and the labour market. The European Union Solidarity Fund (EUSF), which was set up to respond to major natural disasters, will provide an additional assistance of up to €800 million to the worst affected countries.
On 18 March Commissioners Elisa Ferreira responsible for Cohesion and Reforms and Nicolas Schmit responsible for Jobs and Social Rights sent letters to all the EU countries to inform them on the individual support they can receive under the CRII.
More information can be found on the European Council’s website.