Austria announces 41-bln-USD aid to soften coronavirus blow

Source: Xinhua| 2020-03-19 01:31:23|Editor: huaxia

VIENNA, March 18 (Xinhua) -- Austrian Chancellor Sebastian Kurz on Wednesday announced a 38-billion-euro (41-billion-U.S.-dollar) aid program to mitigate coronavirus outbreak's economic damage.

The program came on the heels of a 4-billion-euro (4.4-billion-U.S.-dollar) emergency aid package declared on the weekend.

Among other things, the fund will be used for emergency aid for industries that are particularly affected, Kurz said at a press conference after a cabinet meeting on Wednesday.

The state must be economical in good times so that it can help in bad times, according to the chancellor. "The time is now."

Vice-Chancellor Werber Kogler said that Austria is dealing with the greatest crisis since World War II and that dramatic measures are now needed to counteract it.

The main thing is to maintain the liquidity of the economy, Kogler added.

"It's about preventing domino effects. We help those who need it most now. We don't leave anyone behind -- even in the economic area."

Martin Kocher, the head of the Institute for Advanced Studies (IHS), an independent Austrian research institute, welcomed the large aid package from the government, according to local media.

The 38 billion euros -- equivalent to around 10 percent of Austria's GDP -- are a "substantial sum, which will form an economic protective shield in the coming weeks and months," he told the Austria Press Agency (APA) on Wednesday.

Kurz also thanked the Austrians for adhering to the drastic measures imposed by the government to contain the coronavirus.

"There is not much more that can be done," said Kurz, appealing to the population to "hold on" for a long time, "otherwise the illness will come back immediately."

The number of confirmed coronavirus infections in Austria climbed to 1,646 on Wednesday, with four deaths reported, according to local health authorities. Enditem

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