Spain to Spend $17.5 Billion to Offset Economic Hit From War

Spain plans to hand out about 16 billion euros ($17.5 billion) in aid through the end of June to mitigate the impact of the war in Ukraine.

The government will offer some 6 billion euros in tax breaks and direct aid with another 10 billion in loans for small- and medium- sized companies as part of a sweeping package of policies to counter surging costs, Prime Minister Pedro Sanchez said Monday in Madrid. The package will be approved Tuesday by the Cabinet, he said.