Spain Extends Anti-Crisis Decree With €9B Budget

Following an emergency cabinet meeting, Spanish Prime Minister Pedro Sanchez announced at a press conference that the country’s cabinet had extended the decree outlining the National Plan’s measures to address the economic and social repercussions of Russia’s war in Ukraine, with a €9B budget.

Until December 31 of this year, he stated, « we agreed the extension of the directive on the reaction to the economic and social implications. »

He pointed out that the new decree has a nine billion euros budget, of which 5.5 billion will be used to safeguard families, the middle class, and to lessen the effects of inflation in particular economic sectors, and another 3.6 billion will be used to lower taxes.

Sanchez announced a 50% price cut on public transit tickets and a 30% discount on regional tickets as of September 1 as part of the new measures approved by the cabinet, according to the Spanish newspaper Pais. Seniority and disability pensions will also increase by 15%, while low-income self-employed people and unemployed people would receive direct support in the amount of €200. Additionally, the VAT on electricity will be reduced by 5%.


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