EU proposes 'Sure plan' worth €100 billion to save jobs amid coronavirus crisis

The European Commission President Ursula von der Leyen announced that EU is planning to spend €100 billion to stop firms in the European Union laying off staff during the coronavirus pandemic.

Also read: Will coronavirus crisis cost your paycheck, employment?

Leyen said the scheme, called Sure, is an example of ''European solidarity in action'', following criticism of a lack of support by EU member states for those most affected by the spread of Covid-19, including Italy and Spain.

Also read: Coronavirus pandemic: More than 900 deaths in Spain for second day; death rate slows

She is confident the 27 member states would back her scheme, describing the EU’s budget as the ''Marshall plan for the crisis,'' in reference to the post-second world war fund that rebuilt Europe.

Ursula also apologised to the Italian people for the bloc’s lack of solidarity.

The EU’s executive branch stated that it is also proposing to borrow from the international markets and make loans to member state governments to allow them to fund short-time working schemes, under which employees work reduced hours with some of their salary paid by the state.

Such schemes were used by the European countries to get there economies back on track after the 2008 Depression.