European Parliament greenlights coronavirus funding plan

The European Parliament today overwhelmingly voted in favor of redirecting some EU funding toward addressing the coronavirus crisis.

The Parliament — with many members voting remotely by email — approved amendments to existing regulations that would allow the implementation of the European Commissions proposed €37 billion Coronavirus Response Investment Initiative.

Thats set to give extra cash to countries to spend, including on health care or financing for small and medium-sized businesses, by freeing up unused cohesion funds as well as advancing future payments. MEPs voted 683 in favor and one against the plan, while four abstained.

MEPs also approved an