EU coronavirus recovery fund could exceed €1 trillion

Commission President Ursula von der Leyen will outline the plans to the European Parliament this afternoon.

However, member states remain divided over whether the new money should come in the form of loans or grants to those regions worst hit. That would be on top of €540bn already available by way of the EU's bailout fund, soft loans from the European Investment Bank, and money mobilised by the Commission to help keep companies keep workers on their books. It is understood the plan will partly revolve around re-purposing the EU's seven-year budget.

The recovery fund would overall have to chime with the Commission's long term ambitions of boosting the digital economy and to make Europe carbon neutral by 2050.

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