BRUSSELS

The European Commission on Friday announced to redirect €35 billion ($39 billion) funds to counter the economic fallout due to coronavirus.

This amount from unused cohesion funds will be used to support healthcare and suffering European businesses. Of this €8 billion ($ 8.9 billion) will be immediately available. 

The European Parliament and the Council of the European Union representing the member states are expected to give the green light to the measures in the upcoming two weeks.

“Slowing down the spread of the virus implies slowing down public life and economic activity,” said Ursula von der Leyen, president of

Read more: EU redirects $39B to counter economic fallout