Spain requests 20,000 million from the European unemployment support program

by

The Third Vice President and Minister of Economic Affairs, Nadia Calviño
EFE

Spain has requested the European Comission access to the European program to mitigate the risks of unemployment, known as SURE, for more than 20,000 million euros to finance programs such as temporary employment regulation files (ERTE).

As reported on Monday by the Vice Presidency for Economic Affairs, Spain has requested financing of more than 20,000 million euros for this instrument, although the final amount will depend on the amounts requested by the rest of the countries, among other issues.

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The SURE program to support unemployment, one of the three European mechanisms put in place to alleviate the effects of COVID-19, will mobilize up to 100,000 million euros, financed with community debt, for loans to support workers, freelancers and companies.

Economic Affairs explains that in the case of Spain this instrument will finance the FOR HIM, the Extraordinary benefit for cessation of activity for self-employed, the provision of temporary disability for those affected by the virus or support for permanent discontinuous workers.

Once the Council of the European Union determines the amount of funds corresponding to each country, the credit will be disbursed to the States that request this instrument in several tranches, so that the first could be received in the autumn of this year and the rest, in 2021.

On May 26, the Council of Ministers already authorized the granting of guarantees to participate in the SURE, since the instrument provides that the member states contribute by guaranteeing part of the risk through guarantees.

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