EU leaders agree on post-COVID-19 pandemic recovery fund

EU leaders agree on post-COVID-19 pandemic recovery fund

100,000 new coronavirus cases were reported in the last 24 hours worldwide. To date, reported cases of COVID-19 infection worldwide stand at more than 2.7 million. The coronavirus pandemic and the lockdown measures imposed in the majority of countries have a detrimental effect on the global economy. The countries started to take rescue measures in order to keep the sinking companies afloat.

Thus, at the summit held via video conference, the European Union leaders agreed to build a joint trillion euro emergency fund for economic recovery after the COVID-19 pandemic. First of all, the help will be provided for the worst-affected countries in the pandemic. The financial support will also be allocated to the European companies. It will take several months to build the fund. Experts hope that within this time the EU will be able to raise about 1.5 trillion euro.

The coronavirus situation in the European region is getting better. Germany reports more and more recovery cases. According the latest reports, a total of nearly 100,000 patients recovered from COVID-19 in Germany. The current epidemiological situation in Spain also seems pretty stable. 4,635 new coronavirus cases were registered in Spain in the last 24 hours. France reported a total of 158,000 COVID-19 cases. According to the French President’s administration, the government is currently lifting lockdown measures from a number of business sectors.

Italy also reports a growing number of new recoveries. Nearly 3,000 patients were discharged from hospitals after the full recovery from coronavirus in the country over the last 24 hours. According to the local media, a human testing of a COVID-19 vaccine will start in Italy this summer. The vaccine will be developed by the consortium of Italian, German and Belgian companies. 

The United States is additionally allocating another almost US$500 billion to combat the consequences of the COVID-19 pandemic. Thus, the total amount of the government’s coronavirus rescue package reached nearly US$3 trillion since the beginning of the global pandemic. US$300 billion of them will be allocated to the small business loan program. In addition, U.S. President Donald Trump approved the bill helping the companies that faced the economic difficulties due to the pandemic to pay salaries to millions of their employees. According to the data from Johns Hopkins University, the total number of the U.S. coronavirus cases exceeded 850,000. The total COVID-related death toll in the country is more than 50,000. The U.S. has already passed its coronavirus peak and the daily increase in the new cases is gradually slowing down.