European leaders have agreed to create a $858 billion recovery fund to rebuild EU economies ravaged by the coronavirus crisis.
EU leaders agreed early Tuesday to an unprecedented $2 trillion aid and budget deal aimed at helping hard-hit bloc members recover from the economic fallout of the coronavirus pandemic.
“It is an ambitious and comprehensive package combining the classical [budget] with an extraordinary recovery effort destined to tackle the effects of an unprecedented crisis in the best interest of the EU,” the EU leaders said in a joint declaration.
European Council President Charles Michel tweeted a brief message minutes after leaders adopted the plan: “Deal!”
“We did it. Europe is strong, Europe is united. This is a good deal, this is a strong deal and most importantly this is the right deal for Europe right now,” Michel said. “I believe this agreement will be seen as a pivotal moment for Europe’s journey.”