The European Commission has unveiled details of an unprecedented €750 billion stimulus package in response to the coronavirus and it’s aimed at countering Europe’s worst recession in living memory. The majority of the funding, €500 billion, is expected to take the form of grants to member states while €250 billion would be made available in loans.
As this infographic shows, the grants are set to be highest for southern European countries, many of which were struggling economically before the pandemic. The recovery fund requires unanimous backing from all member states and would be embedded within the next long-term EU budget. If it is indeed ratified, Italy, would receive €81.8 billion, Spain would be allocated €38.8 billion and Greece would be funded to the tune of €22.6 billion.