Commission proposes to provide €504 million in financial support to Hungary under SURE

The European Commission has presented a proposal to the Council for a decision to grant €504 million in financial support to Hungary under the SURE instrument. This follows the recent Council decisions, based on the Commission’s proposals, to grant financial support to 16 Member States under the instrument. Including Hungary, the Commission has now proposed a total of €87.8 billion in financial support under SURE to 17 Member States. Once the Council approves this proposal, the financial support will be provided in the form of loans granted on favourable terms. These loans will assist Hungary in helping Hungary to cover the costs related to short time work schemes, similar measures and relevant health-related measures taken as a response to the COVID-19 pandemic. SURE is a crucial element of the EU’s comprehensive strategy to protect jobs and workers, and mitigate the severely negative socio-economic consequences of the coronavirus pandemic. Member States can still submit formal requests for support under SURE, which has an overall firepower of up to €100 billion.