The European Commission - EU has disbursed more than €6.5 billion euro in nine Member States through the final act under SURE . The instrument designed to protect jobs and incomes affected by pandemic COVID-19. With today's ninth and final payment, SURE has provided financial assistance totalling 98.4 billion. euro in 19 member states. Under today's operations, Bulgaria received €460 million, Cyprus €29 million, the Czech Republic €2.5 billion, the Czech Republic €2.5 billion, the Greece 900 million euros, Croatia 550 million. EUR 142 million for Lithuania, EUR 142 million for Lithuania and EUR 142 million for the Netherlands. EUR 167 million for Latvia, EUR 167 million for Latvia and EUR 167 million for the Netherlands. EUR 1.5 billion for Poland, EUR 1.5 billion for Poland. EUR 300 million and Portugal EUR 300 million. euro. All nine Member States had already received financial support under SURE.

The disbursed loans will finance earlier expenditure on measures adopted to address the problems of serious socio-economic consequences of the COVID-19 crisis. The these loans will help to cover the costs associated with the funding of national short-time working schemes. Among other things measures for self-employed workers , as well as certain health measures. The these measures helped to protect employment and support income during the COVID-19 pandemic.

What the latest report showed

SURE successfully helped Member States to mitigate the impact of the pandemic in 2020 and supported a rapid recovery in 2021. The Commission's latest report on SURE shows that the instrument supported around 31.5 million people and 2.5 million businesses in the 2020. Also 9 million people and more than 800,000 businesses in 2021. In June 2021, SURE won the European Ombudsman 's Good Governance Award 2021 in the category of citizen-centred services. The availability period of the SURE instrument expires on 31 December 2022.

The disbursements were financed by last week's issuance of EU SURE social bonds worth €6.548 billion. euro from the Commission. Issues were well supported by investors in the last period of this year.

History

SURE - the European Temporary Support Instrument to mitigate the risk of unemployment in an emergency situation - is a crucial element of the EU's comprehensive strategy to protect jobs and workers in response to the coronavirus pandemic. SURE provides financial support in the form of soft loans from the EU to Member States.

The Commission presented a proposal for theSURE Regulation on 2 April 2020, as part of the EU's initial response to the pandemic. The proposal was adopted by the Council on 19 May 2020 as a strong sign of European solidarity. The instrument became available after all Member States signed the guarantee agreements on 22 September 2020. The first disbursement took place five weeks afterSURE became available .

On 7 December 2022, the Commission adopted a new 15-year social bond of EUR 6.548 billion. euros for the SURE programme. The bond matures in December 2037. The Commission issues social bonds to finance the SURE instrument. It uses the proceeds to provide backstop loans to eligible Member States.

More information on these bonds is available online here. There is a full overview of the funds raised under each issue and the beneficiary Member States

For Bulgaria, Cyprus, Bulgaria, the Czech Republic, Greece, Croatia, Cyprus, Greece, Lithuania, Latvia and Portugal, the loans represent additional support to the initial financial assistance. Funding awarded under SURE in 2020. These additional aids were granted by the Council between September and November 2022.