The 27-nation European Union agreed to a $857 billion stimulus package for its member countries to offset the impact of the coronavirus in its member countries, the UPI reports.
The plan will allow the EU to distribute $446 billion in grants to inject into the various national economies, and the additional $411 billion will be issued in low-interest loans to the neediest nations in the union.
European Council President Charles Michel told the media, “We did it. Europe is strong. Europe is united. This is a good deal. This is a strong deal. And, most importantly, this is the right deal for Europe right now.”
The first epicenter of widespread cases of the virus, Europe largely suppressed the spread through national programs of social distancing, mask wearing and business shutdowns. Now, most European nations are seeing few new daily cases reported per capita.