SURE: € 479 million for Cyprus

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The Council of Member States today approved € 87.4 billion in financial support for 16 Member States in the form of EU loans under the SURE employment support program.

According to the decision, the funding will help MS to finance the significant increase in public expenditure incurred from 1 February 2020 as a result of the use of national short-term work systems and similar measures, including the self-employed, and some measures related to health in response to the pandemic. SURE is one of three € 540 billion safety nets agreed by the Eurogroup on 9 April 2020 and subsequently approved by EU leaders to protect workers, businesses and public finances.

The distribution of the above amount is as follows:

Belgium – 7.8 billion euros
Bulgaria – 511 million euro
Croatia – 1 billion euros
Cyprus – 479 million euro
Czech Republic – two billion euros
Greece – EUR 2.7 billion
Italy – 27.4 billion euro
in Latvia – EUR 193 000 000
Lithuania – 602
Malta – EUR 244 million
Poland – EUR 11.2 billion
Portugal – EUR 5.9 billion
Romania – EUR 4.1 billion
Slovakia – EUR 631 million
Slovenia – EUR 1.1 billion
Spain – EUR 21.3 billion

“SURE is an important part of our response to the unprecedented challenges posed by the COVID-19 crisis. Member States’ significant interest in this instrument reaffirms its importance and real added value for employees and companies. “The whole EU will benefit from this instrument. This is a clear message that in Europe we are stronger together,” said Olaf Scholz, Germany’s Federal Finance Minister.

SOURCE: KYPE