The European Union plans to propose 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, Report informs via Bloomberg.
The European Commission, the EU’s executive arm, 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 a draft of the proposal seen by Bloomberg.
The final figure available per member state would depend on the volume of cohesion funds that remains uncommitted by the national government.