European Union Comes to Agreement on COVID-19 Relief Funds

07 20 20 Eu Summit Vo

Early Tuesday morning, European Union leaders wrapped up one their longest summits to date.

After four days and nights, they agreed on a fund to help rescue European economies from the COVID-19 pandemic.

Leaders agreed on a 750 billion-euro stimulus plan, which is equivalent to $857 billion U.S. dollars.

Money will be sent as loans and grants to the countries hit hardest by the virus.

European Commission President Ursula Von der Leyen says, “Europe as a whole has now a big chance to come out stronger from the crisis. Today, we’ve taken a historic step that we can be all proud of but another important step is still ahead of us. First and foremost, we now have to work with the European Parliament to secure agreement.”

The European Union is made up of 27 nations.