The EU has promised €37 billion to its member states as the Coronavirus escalates

The European Union has promised €37 billion to its member states in a bid to tackle Covid-19 (coronavirus).

President of the European Commission, Ursula Von Der Leyen has stated that "the Coronavirus pandemic is testing us all."

In a bid to lessen the socio-economic impact that the coronavirus is going to have on EU member nations the union have pledged to implement all tools in its arsenal to battle and contain Covid-19. 

The European Union can withstand the shock caused by #COVID19. But we need to be determined, coordinated and united. The measures include ensuring all health systems have the necessary supplied to treat patients, the support of people and families so that income and jobs are not affected disproportionally and to avoid permanent effect of this crisis, offering support to firms and ensuring that the liquidity of our financial sector can continue to support the economy and to allow Member States to act decisively in a coordinated way through using the full flexibility of our State Aid and Stability and Growth Pact Frameworks.

Today we proposed a decisive economic package to protect Europeans and the European economy. We stand ready to do more as the situation evolves.

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— European Commission (@EU_Commission) March 13, 2020

Von Der Leyen continued to state that "the important economic package announced today deal with the situation of today. We stand ready to do more as the situation evolves. We will do whatever is necessary to support the Europeans and the European economy.”