21 May 2020 – €9 billion Italian “umbrella” scheme approved

Type of Intervention: Financial and Economic
Sectors Involved: Finance/Economy
Level of Jurisdiction: Supranational
Lead People/Agency: Executive Vice-President Margrethe Vestager

Overview: The European Commission has approved a €9 billion Italian “umbrella” scheme to support the Italian economy in the context of the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020, as amended on 3 April and 8 May 2020.
Full details here: https://ec.europa.eu/commission/presscorner/detail/en/ip_20_925

Type of Justification: Request from Italy under the Temporary Framework for State aid measures
Source of Evidence or Justification: International – government
Evidence/Justification: Scheme will enable support to companies of all sizes by Italy’s regions, the autonomous provinces, other territorial bodies and Chambers of commerce. Complementing several already approved national measures, this scheme will support Italian businesses in continuing their operations in these difficult times and help preserve jobs.