Italy To Spend €55B on Recovery after Pandemic

The Italian Council of Ministers adopted a new package of measures to support the economy and the population affected by the outbreak of coronavirus. A decree approved at a government meeting totals 250 chapters worth €55 billion, the country’s Prime Minister Giuseppe Conte said at a special press conference.

Of these, €25.6 billion will be allocated to finance benefits to support workers because of the forced downtime and bonuses for those self-employed.

« Support measures for companies amount to about €15-16 billion, which will be provided in various forms: for smaller we will make non-refundable compensations… We also reduced €4 billion of taxes for all enterprises with a turnover of up to €250 million, » Conte said.

Self-employed and private professionals will be able to count on a second round of payments of €600, which they first received in April. Conte assured that this time bonuses will arrive without delay and will be supplemented with compensation in the amount of up to €1000.

“We have people who have become unemployed and have lost income, traders who run the risk of shutting down, entrepreneurs with absolute uncertainty about the future. This is a cry of alarm that never eluded us, and the painful captured image of the country we know. We worked hard and did everything to take responsibility in resolving these difficulties, » said Prime Minister.

According to him, €3 billion 250 million will be allocated for the healthcare system. Tourism will also receive support – families with annual incomes of up to €40 thousand will be able to count on vacation bonuses in the amount of €500.

In March, the Italian government allocated 25 billion euros to implement various measures to support the national economy in a pandemic. Local authorities allocated 4.7 billion euros to support the needy population, 400 million of which were intended to provide vouchers for the purchase of essential goods.


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