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Austria Readies $4.4 Billion Coronavirus Crisis Fund for Economy

A closed Apres-Ski-Bar in Ischgl in Tyrol, Austria, on March 13. 

A closed Apres-Ski-Bar in Ischgl in Tyrol, Austria, on March 13. 

Photographer: Jakob Gruber/AFP via Getty Images

Austria is setting aside 4 billion euros ($4.4 billion) in liquidity and subsidies to support the economy against the impact of the coronavirus, Chancellor Sebastian Kurz told journalists on Saturday.

The measures will offer liquidity by way of loans and loan guarantees as well as tax deferrals, a new model for labor subsidies for companies that have to reduce working hours, and aid for one-person and family-owned enterprises, and the tourism and cultural sectors, Kurz said.