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Blümel: We will do whatever is necessary to help Austrian federal government announces aid package totalling up to EUR 38 bn: EUR 15 bn for hard-hit sectors, EUR 10 bn for the deferral of tax payments, EUR 9 bn for guarantees and other liabilities, and EUR 4 bn in immediate aid.

In a joint press conference held at noon today, Austrian Federal Chancellor Sebastian Kurz, Vice-Chancellor Werner Kogler and Finance Minister Gernot Blümel announced an aid package of up to EUR 38 billion. "We are living in a new age. The corona crisis is defining the entirety of everyday life and poses a threat to jobs in Austria. This is an exceptional situation, also from a budgetary perspective. There is now only one priority, namely to do whatever is necessary to help," declared Finance Minister Gernot Blümel.

This past weekend, an immediate aid package of EUR 4 billion was already introduced in order to ease the crisis as swiftly as possible. "This was important in order to provide funds swiftly and directly, to support healthcare requirements in Austria as effectively as possible, to send a message right away concerning the preservation of jobs, and in order also to secure and cover people's fixed costs. These measures are already ongoing," explained Finance Minister Blümel. For instance, EUR 130 million has already been used from these funds to finance medical products. Today, a total aid package of up to EUR 38 billion was presented: emergency aid of up to EUR 15 billion, the deferral of tax payments in a sum of up to EUR 10 billion, and EUR 9 billion for guarantees and other liabilities.

"What matters in this situation – and I will state this very clearly – is not what figures are contained in the Budget at the end of the day. The only thing which will matter is how many people we have saved, how many jobs we have secured, and how many companies we have safeguarded against insolvency," declared Minister Blümel. "We do not know how long the crisis will last, and we do not know precisely how significant the impact will be. We do know, however, that we will make all necessary funds available in order for us to successfully get through this."