EU lends €100 billion to local businesses to save jobs during pandemic
Share article:
Share article:

EU lends €100 billion to local businesses to save jobs during pandemic

Credit: VISITFLANDERS / Flickr

The European Commission will spend €100 billion to financially support businesses affected by the pandemic, by providing their employees with income support.

The funds will be loaned to 17 out of 28 Member States. Each country will then invest locally in so-called short-time work schemes. The schemes can be employed when businesses have to cut back working hours for staff, but still want to be able to pay out full wages.

The recipient countries are Belgium, Bulgaria, Croatia, Cyprus, Czechia, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovakia, Slovenia and Spain.

The measure is part of the Commissions’s SURE framework (European instrument for temporary Support to mitigate Unemployment Risks in an Emergency). SURE was founded to help support Member States to save jobs during and after the pandemic.


Related Posts


SURE will issue the €100 billion in the form of social bonds, which ensures investors that their investment can and will only be spent on the preservation of jobs.

In total, Belgium will be granted €7.8 billion in financial support through SURE. Loans vary between €27.4 billion (for Italy) and €504 million (for Hungary).


“I am very excited about today’s announcement and looking forward to the forthcoming EU SURE issuance in the very near future,” Commissioner for Budget and Administration, Johannes Hahn, stated.

The first transaction of funds will take place in the second half of October.

Amée Zoutberg
The Brussels Times

Latest news

Limiting private contacts ‘needed to fight autumn wave’, expert warns
The Consultative Committee announced it is introducing a handful of measures in public spaces to control the quickening spread of the coronavirus, ...
Wallonia launches first major survey for cyclist satisfaction
Following in the footsteps of France and Flanders, the Wallonia Region of Belgium is launching its first major satisfaction survey on municipal ...
After 5 rescues in 2 days, hundreds of migrants take shelter in Italy
After five rescues in less than two days, almost 400 migrants aboard the Geo Barents search and rescue ship in the Central Mediterranean, operated by ...
Belgian wind farm closed down to save migrants floating in sea
A wind farm near Zeebrugge had to be shut down on Wednesday morning as more than 25 migrants had been adrift in its vicinity off the Belgian coast ...
Cinemas will require Covid Safe Ticket from Friday
The Covid Safe Ticket (CST) will be required to attend cinemas across Belgium from Friday, which marks the start of the autumn holidays, the ...
UN issues strong warning ahead of climate change summit in Glasgow
New and updated climate commitments fall far short of what is needed to meet the goals of the Paris Agreement, leaving the world on track for a ...
Disastrous year for Belgian beekeepers
Belgian beekeepers have experienced a disastrous year, with honey production 50 to 60 percent lower than last year due to heavy rainfall during ...
New measures for schools considered as situation becomes ‘untenable’
Belgium's various education partners met on Wednesday to discuss additional measures to implement in schools as the coronavirus situation worsens in ...
Belgium in Brief: Back To Masks
I really hope you didn't throw out all your masks. You'll be needing them again. Now I do appreciate that this isn't a huge change for ...
Belgium a climate slowcoach as EU reveals emissions progress
The European Union is on track to pass its first big climate test, according to new figures published this week. But Belgium has been singled out for ...
Belgium’s decision on possible third shot postponed until Saturday
The decision on how Belgium will proceed with the roll-out of third shots of the coronavirus vaccine has been postponed until Saturday.  The news ...
Experts and politicians respond to new coronavirus measures
The handful of measures (re-)introduced by Belgium's Consultative Committee on Tuesday in response to the worsening coronavirus situation have had a ...