EU Commission to end relaxed COVID-19 state aid scheme

EU Commission to end relaxed COVID-19 state aid scheme

In light of the improving economic situation in the region, coupled with the lifting of restrictions put in place to contain the spread of the virus over the past two years, the commission said that another prolongation of the scheme is not necessary.

The European Commission said on Thursday it will gradually stop the impermanent standards that permitted the 27 EU member nations to benefit from additional public help during the Covid pandemic. Adopted in March 2020, the so-called State Aid COVID Temporary Framework relaxed up the European Union’s strict state-aid regulations to help mitigate the impact of the pandemic. The component will not be reached out past it expiry date on June 30, yet the commission insisted the phase-out will occur bit by bit and businesses will not be unexpectedly cut off from support.

During the pandemic, the EU approved a multi-billion rescue package and member states agreed on a 1.8 trillion euro recovery plan and long-term budget for the 2021-2027 period.

To further relieve the pressure on hard-hit businesses, the bloc’s executive arm relaxed the strict state-aid rules to allow for other possible sources of public support.

Margrethe Vestager, the EU Commission executive vice-president in charge of competition policy, said the Commission had adopted more than 1,300 decisions in the context of the coronavirus pandemic, approving nearly 950 national measures for an estimated total amount approved of over EUR3 trillion.

Of the total aid approved between March 2020 and June 2021, Vestager said around EUR730 billion euros have been spent so far.

Vestager said the Commission will be ready to “act fast again if the need arises,” warning about the risks posed by the war in Ukraine to Europe’s recovery.

“Ukrainians are paying the highest cost for Russia’s senseless and unlawful war of aggression against their country,” she said. “At the same time, this is creating a disturbance in the European economy and having a severe impact on recovery.”

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
The euro and the pound maintain their overnight advances
The euro and the pound maintain their overnight advances
Sterling was at $1.24805 easing from a two-week high $1.2501 hit earlier in the session, having risen 1.4% on Tuesday after data showed Britain’s jobless ...
As China's middle class shuns luxury, big brands are worried
As China’s middle class shuns luxury, big brands are worried
“I definitely feel that we need to protect ourselves from this uncertainty around the economy,” she said. If she is typical of many young, urban, middle ...
CONCLUSION 1-Some Shanghai residents were allowed to shop;  COVID lockdown is coming to an end
CONCLUSION 1-Some Shanghai residents were allowed to shop; COVID lockdown is coming to an end
Deputy mayor Zhang Wei said economic activity had been recovering with businesses able to operate with workers living on-site and that authorities would ...
BIZZO, an IT startup, launched a microsite for GoMahabaleshwar to help local travel and tourism companies
BIZZO, an IT startup, launched a microsite for GoMahabaleshwar to help local travel and tourism companies
For consumers and travellers, the GoMahabaleshwar microsite will be a one-stop destination to book all their travel requirements and allied services in the ...
The PFRDA was asked by the government of Chhattisgarh to reimburse Rs 17,240 crore for the implementation of an outdated pension system
The PFRDA was asked by the government of Chhattisgarh to reimburse Rs 17,240 crore for the implementation of an outdated pension system
A new GPF (General Provident Fund) account has been opened by the state government for every employee registered with NPS, it said. ”As per the data ...
Seagram's 100 Pipers promises a greener tomorrow by launching 250 environmentally connected NFTs on International Day for Biological Diversity
Seagram’s 100 Pipers promises a greener tomorrow by launching 250 environmentally connected NFTs on International Day for Biological Diversity
The saga will continue this International Day for Biological Diversity on 22nd May when the brand rolls out their next set of 10 unique NFTs, each with 25 ...
Nintendo has sold 5.4 billion video games from the NES to the Switch
Nintendo has sold 5.4 billion video games from the NES to the Switch
These numbers actually put Nintendo in second place. Although Nintendo has been on the market for many years before Sony, the PlayStation platform has sold ...
Canada bans Huawei and ZTE over cybersecurity concerns
Canada bans Huawei and ZTE over cybersecurity concerns
“We are announcing our intention to prohibit the inclusion of Huawei and ZTE products and services in Canada’s telecommunication systems as follows a full ...
BRICS bank opens India regional office in GIFT City in Gujarat
BRICS bank opens India regional office in GIFT City in Gujarat
Working in close coordination with the NDB Headquarters, the Indian Regional Office will focus on project origination including initial project preparation ...
IGL to launch Rs 8,000 cr in five years to expand CNG gas network
IGL to launch Rs 8,000 cr in five years to expand CNG gas network
“We have a capex spending plan of Rs 6,000 crore in the seven new geographical areas (GAs) in the next five years,” he told reporters. Indraprastha Gas Ltd, ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo