European Union leaders have created a $858 billion recovery fund to rebuild EU countries struck by coronavirus, the BBC reported. Combined with an increased EU budget of $1.3 trillion, the EU now has an unprecedented $2 trillion in spending power.
This was completed after four days of fraught discussion between the EU leaders.
French President Emmanuel Macron described the deal as “historic.”
“We showed collective responsibility and solidarity and we show also our belief in our common future,” said Charles Michel, European Council president.
Funds will be spread across three areas, reported CNN. They will be used to roll out new measures for economic reform, to help businesses that have been affected by the virus, and to invest in protection against “future crises.”
The recovery plan involves €$858 billion in grants and loans, including $446 billion in grants for countries hit hardest by the virus. Italy and Spain are expected to receive the most aid, according to the BBC.
Michel said this was “the right deal for Europe right now.”
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