Business

The EU’s 100 billion euro scheme to tackle unemployment caused by COVID-19

The Coronavirus pandemic is having a huge impact on the European labour market.

The International Labour Organization foresees the loss of 12 million full-time jobs in Europe in 2020.

The sectors most at risk include accommodation and food services, manufacturing, retail and administration.

To mitigate the issues, the European Union has put in place a scheme called SURE, which stands for Support to mitigate Unemployment Risks in an Emergency. Its part of a 540 billion euro package to support European companies and workers.

There are up to 100 billion euros available for the SURE scheme, supported by 25 billion euros in guarantees from EU members. States can apply for the cash after theyve activated schemes to help those either in regular work or self-employed people who’ve lost income. The assistance comes in the form of a loan on favourable terms.

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