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€ 38 billion aid package for the Austrian economy

Federal Chancellor Sebastian Kurz © Federal Chancellary of the Republic of Austria

The country has to be frugal in good times so that it can spend more in hard times. This is the case now. "Our approach is to safeguard jobs, whatever the cost", said Chancellor Kurz. The existing package of € 4 billion was increased to € 38 billion, or close to half the federal budget for the previous year. The emergency aid for sectors particularly impacted by the crisis will be expanded to € 15 billion, whereas € 10 billion is earmarked for tax deferrals and about € 9 billion for loan guarantees.

The coronavirus comprises the biggest crisis since World War II. Its consequences are more far-reaching than the global financial crisis in the years 2008 and 2009. For this reason, special and dramatic measures are required to cushion the impact, according to the government.

In principle, the financial aid is available to all companies. However, sectors directly affected by the crisis should first be helped. However, the precise firms or sectors eligible for assistance will first become evident in the days and weeks ahead.

Read more about government aid for companies in Austria.

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