Austria announces 38bln euro coronavirus rescue package

Austria has indeed announced a massive coronavirus rescue package worth 38 billion euros (approximately $43.5 billion USD) to help mitigate the economic impact of the pandemic.

The package, which was announced on March 25, 2020, includes a range of measures aimed at supporting businesses, workers, and the overall economy. Some of the key components of the package include:

  1. A 10 billion euro loan guarantee program for small and medium-sized enterprises (SMEs) to help them access financing.
  2. A 10 billion euro fund to support the tourism industry, which has been severely impacted by the pandemic.
  3. A 5 billion euro program to support the manufacturing sector, including the automotive and aerospace industries.
  4. A 3 billion euro fund to support the arts and culture sector, which has also been heavily affected by the pandemic.
  5. A 2 billion euro program to support the construction sector.
  6. A 1 billion euro fund to support the agriculture sector.
  7. A 1 billion euro program to support the healthcare sector.
  8. A 1 billion euro fund to support the education sector.

The package also includes measures to support individuals, such as:

  1. A 1,000 euro monthly allowance for self-employed individuals who have lost their income due to the pandemic.
  2. A 500 euro monthly allowance for employees who have been placed on short-time work.
  3. A 300 euro monthly allowance for students who have lost their part-time jobs due to the pandemic.

The Austrian government has also announced a range of other measures to support the economy, including a reduction in value-added tax (VAT) and a freeze on rent increases.

Overall, the 38 billion euro rescue package is a significant effort by the Austrian government to support the economy and mitigate the impact of the pandemic.