EU proposes $825 billion COVID-19 'Recovery Plan for Europe'
by Don JacobsonEmployees wearing face shields and masks work at the Matsuya Ginza department store, which partially reopened in Tokyo on May 25. Prime Minister Shinzo Abe lifted the state of emergency in the city. Photo by Keizo Mori/UPI | License PhotoPeople gather at Rye Playland Beach in New York City on May 24. Photo by John Angelillo/UPI | License PhotoOlivette Lanes owner Don Klackner uses a mop to clean the lanes at his bowling alley in Olivette, Mo., on May 19. Photo by Bill Greenblatt/UPI | License PhotoDentist Ronald Sherstoff examines a high-speed drill at his office in Chesterfield, Mo., on May 19. Sherstoff has purchased an air filtration system that destroys airborne viruses that could be caused by the drill, and all staff will use gowns, masks, gloves and face shields to protect themselves. Photo by Bill Greenblatt/UPI | License PhotoStudents wear protective masks as they return to the Yankus Korchak Elementary School in Jerusalem on May 18. 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The popular restaurant has reopened after four weeks. Photo by Bill Greenblatt/UPI | License PhotoA mother and child wear protective masks as they walk down a street in Paris on May 12. Photo by Eco Clement/UPI | License PhotoFrance has cautiously begun to lift its lockdown this week with shops allowed to reopen, including in the capital, which still faces tight restrictions. Photo by Eco Clement/UPI | License PhotoBritish Prime Minister Boris Johnson claps outside Downing Street in London to show his support for key workers during the coronavirus pandemic on May 7. Doctors released Johnson from the intensive care unit in mid-April after he spent about a week in the hospital with COVID-19 Photo by Hugo Philpott/UPI | License PhotoShoppers wear masks in the Mahane Yehuda Market in Jerusalem on May 7. Photo by Debbie Hill/UPI | License PhotoA security guard checks the temperature of a woman before granting her entrance to the Rami Levy Atarot Mall near Jerusalem. The Atarot Mall is the first Israeli-Palestinian Mall. Photo by Debbie Hill/UPI | License PhotoIsrael opened malls and outdoor markets after more than 40 days of closure due to the coronavirus pandemic restrictions. Photo by Debbie Hill/UPI | License PhotoCustomers have their hair washed at JF Hair Co. in Union, Mo., on May 6. Photo by Bill Greenblatt/UPI | License PhotoStylist Chrissy Whitley trims the hair of customer Mark Nolting at JF Hair Co. The salon reopened on May 4 after being closed since March 23. Photo by Bill Greenblatt/UPI | License PhotoPeople visit the beach after the the city relaxed restrictions in Isle of Palms, S.C, on May 6. Photo by Richard Ellis/UPI | License PhotoThe beach reopened for the first time since March. Photo by Richard Ellis/UPI | License PhotoNicholas Calio, president and CEO of Airlines for America, uses disinfecting wipes before testifying before a hearing on the pandemic's impact on the aviation industry May 6 on Capitol Hill in Washington, D.C. 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The shop on Historic Main Street has reopened with other selected businesses after being closed for nearly two months by an emergency state order aimed at stopping the spread of coronavirus. Photo by Bill Greenblatt/UPI | License PhotoJeweler Tom Wapelhorst arranges a display in his front window at Walters Jeweler in St. Charles. Photo by Bill Greenblatt/UPI | License PhotoDon (L) and Robin Piatt sit on an elevated outdoor porch, toasting each other on their wedding anniversary, at Lewis and Clark's Restaurant in St. Charles. Photo by Bill Greenblatt/UPI | License PhotoCustomers have lunch inside El Toro Mexican restaurant in Clute, Texas on May 3. Photo by Trask Smith/UPI | License PhotoRestaurants in Texas were allowed to reopen their diving rooms at 25 percent capacity starting on May 1 as the state began easing restrictions based on COVID-19. Photo by Trask Smith/UPI | License PhotoA customer looks at merchandise inside the Boot Barn clothing store in Lake Jackson, Texas on May 3. 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Photo by Debbie Hill/UPI | License PhotoPedestrians no longer practice "social distancing" but continue to wear protective face masks while visiting a popular entertainment district in Beijing on April 26. Photo by Stephen Shaver/UPI | License PhotoFlorida has allowed some of the states beaches to reopen, including this one along the Space Coast near Cocoa Beach on April 26. Photo by Joe Marino/UPI | License PhotoA couple from Central Florida stroll along the surf near Cocoa Beach. Photo by Joe Marino/UPI | License PhotoA child wades in the ocean at Cocoa Beach. Photo by Joe Marino/UPI | License PhotoPedestrians walk closely together in Beijing on April 19. Photo by Stephen Shaver/UPI | License PhotoNewlyweds pose for wedding photos without wearing protective face masks as the government has declared the peak threat of the COVID-19 outbreak has passed in Beijing on April 19. 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May 27 (UPI) -- The European Union on Wednesday proposed a $825 billion stimulus plan to help stabilize member states amid a recession brought on by the COVID-19 crisis.
The European Commission unveiled the major recovery package titled, "EU budget powering the Recovery Plan for Europe," which the bloc said includes a "powerful, modern and revamped long-term" budget.
"The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalization will boost jobs and growth, the resilience of our societies and the health of our environment," said European Commission President Ursula von der Leyen.
"This is Europe's moment. Our willingness to act must live up to the challenges we are all facing. With Next Generation EU we are providing an ambitious answer."
European Commissioner for the Economy Paolo Gentiloni called the plan a European "turning point to face an unprecedented crisis."
The European Parliament must approve the deal along with each of the bloc's 27 member states.
The union is in its deepest recession in its history due to the economic impact of the pandemic. The economy of each EU nation is projected to shrink this year, with those most affected -- like Italy and Spain -- expecting contractions of at least 10 percent.
Von der Leyen said most of the funds will be comprised of grants and about a third will be loans.
Analysts now expect weeks of negotiations among EU members to address concerns and the conditions attached to the rescue funds.
Germany and other northern EU members have expressed reservations about dipping into their national budgets to bail out economies of their southern neighbors.
"The recovery will need strong policy direction," said EC Vice President Maros Sefcovic. "The [plan], reflecting the new reality, shows that we will focus all our actions on overcoming the crisis, jumpstarting our economy and putting the European Union firmly on a resilient, sustainable and fair recovery path."
