EU Proposes €40 Billion Fund to Mitigate Energy Inflation
- Plan would use existing cohesion money to help households
- Proposal will be part of the EU Commission’s energy package
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The European Union proposed using as much as 40 billion euros ($39.2 billion) from the bloc’s budget to support people and companies struggling to cope with high prices caused by the energy crisis.
The European Commission will offer governments the ability to tap existing cohesion funds to support small- and medium-sized companies affected by the price hike of gas and electricity and to help vulnerable households pay their energy bills through national programs, according to Elisa Ferreira, the EU’s cohesion and reform chief.