European Commission unveils unprecedented EUR 750 billion recovery plan

  • 2020-05-27
  • LETA/AFP/TBT Staff

BRUSSELS - European Union chief Ursula von der Leyen on Wednesday proposed a EUR 750 billion post-virus recovery fund for Europe, AFP reports.

If passed, the proposal would be the biggest EU stimulus package in history and could see Europe-wide taxes on plastics, carbon emissions and big tech.

If member states accept the deal as drafted, Italy would receive EUR 81.8 billion in direct aid over the next three years, and EUR 77.3 billion would go to Spain.

In all the EU, grants of EUR 405 billion would be offered, with EUR 28.8 billion going to Germany and EUR 38.7 billion to France.

In addition, the countries would get loans, with Italy receiving credits for EUR 90 billion and Spain EUR 31 billion.

Von der Leyen will deliver the plan to the European Parliament later on Wednesday.