Germany announces biggest aid package since World War 2

Berlin: Germany has approved a massive and unprecedented financial aid package of 156 billion euro ($166.5 bn), the largest in the country since the Second World War, to offset the socio-economic damage caused by the coronavirus pandemic. The stimulus package is designed to ease the burden on hospitals and clinics and supply financial aid to save jobs and companies that have been affected by the pandemic, reports Efe news.

“The corona pandemic is changing our whole lives,” said Olaf Scholz, Finance Minister and Vice-chancellor, said on Monday while explaining why the government was taking “the necessary and correct” step of unveiling such an enormous economic aid package. “We will do everything we can to prevent this crisis from endangering the health care of our citizens or the economic processes in this country.”

German authorities fear a severe recession due to the crisis, with the decline in Gross Domestic Product (GDP) expected to be “at least as high” as in 2008/2009, Minister of Economy Peter Altmeier warned while announcing a bailout fund of up to 600 billion euros for larger companies. German Health Minister Jens Spahn, meanwhile, said that hospitals and clinics requiring additional staff, beds and equipment would receive financial support.

“If you need more beds, if you need more staff and equipment to treat coronavirus patients, you will be compensated financially,” Spahn said.