The temporary Support to mitigate Unemployment Risks in an Emergency (SURE) is available for Member States that need to mobilise significant financial means to fight the negative economic and social consequences of the coronavirus outbreak on their territory. It can provide financial assistance up to €100 billion in the form of loans from the EU to affected Member States to address sudden increases in public expenditure for the preservation of employment. SURE is a crucial element of the EU's comprehensive strategy to protect citizens and mitigate the severely negative socio-economic consequences of the coronavirus pandemic.

SURE

Specifically, the SURE instrument acts as a second line of defence, supporting short-time work schemes and similar measures, to help Member States protect jobs and thus employees and self-employed against the risk of unemployment and loss of income.

Loans provided to Member States under the SURE instrument are underpinned by a system of voluntary guarantees from Member States. Each Member State’s contribution to the overall amount of the guarantee corresponds to its relative share in the total gross national income (GNI) of the European Union, based on the 2020 EU budget.

The establishment of SURE is a further tangible expression of Union solidarity, whereby the Member States agree to support each other through the Union by making additional financial resources available through loans.

Following proposals for additional assistance of €3.7 billion to 6 Member States (Belgium, Cyprus, Greece, Latvia, Lithuania and Malta), the Council has approved a total of €94.3 billion in financial support to 19 Member States, based on Commission's proposals.

With the latest disbursement (25 May 2021), the EU has provided nearly €90 billion in back-to-back loans. All 19 EU Member States which have asked to benefit from the scheme have received part or all of the requested amount. Other Member States can still submit requests to receive financial support under SURE which has an overall firepower of up to €100 billion.

Country
Proposed loan amount

Disbursed
Belgium

8.197 billion

8.197 billion

Bulgaria

511 million

511 million

Cyprus

603 million

603 million

Estonia

230 million

230 million

Greece

5.265 billion

5.265 billion

Spain

21.324 billion

21.324 billion

Croatia

1.02 billion

1.02 billion

Hungary

504 million

504 million

Ireland

2.473 billion

2.473 billion

Italy

27.438 billion

27.438 billion

Lithuania

957 million

957 million

Latvia

305 million

305 million

Malta

420 million

420 million

Poland

11.236 billion

8.236 billion

Portugal

5.934 billion

5.41 billion

Romania

4.099 billion

3 billion

Slovenia

1.113 billion

1.113 billion

Slovakia

630 million

630 million

Czechia

2 billion

2 billion

Total

94.3 billion

89.6 billion

Note: Amounts displayed in the table are rounded down to the nearest million.

The financial support is provided in the form of loans granted on favourable terms from the EU to Member States. These loans will assist Member States in addressing sudden increases in public expenditure to preserve employment in the context of the pandemic crisis. Specifically, they will help Member States to cover the costs directly related to the financing of national short-time work schemes, and other similar measures they have put in place as a response to the coronavirus pandemic, in particular for the self-employed. As an ancillary, SURE could also finance some health-related measures, in particular at the work place, used to ensure a safe return to normal economic activity.

EU SURE social bond

To finance the instrument, the Commission has been issuing social bonds. The Social Bond Framework is meant to provide investors in these bonds with confidence that the funds mobilised will serve a truly social objective.

By 18 May, the European Commission had issued €89.6 billion social bonds in six rounds under the EU SURE instrument to help protect jobs and keep people in work. The issuings consisted of 5-, 10- and 15-year bonds. There was very strong investor interest in these highly rated instruments, and the oversubscription resulted in favourable pricing terms for the bonds. The raised funds are transferred to the beneficiary Member States in the form of loans to help them directly cover the costs related to the financing of national short-time work schemes and similar measures as a response to the pandemic.

On 27 October, the EU SURE social bond was listed on the Luxembourg Stock Exchange, and will be displayed on the Luxembourg Green Exchange, the world’s leading platform exclusively dedicated to sustainable securities.

Timeline

  • 25 May 2021

    Commission disburses €14.1 billion to 12 Member States

  • 23 April 2021

    The Council decides to grant additional financial support to six Member States

  • 30 March 2021

    The Commission disburses €13 billion to 6 Member States

  • 30 March 2021

    The Commission proposes to provide €3.7 billion additional support to 6 Member States

  • 16 March 2021

    Commission disburses €9 billion under SURE to seven Member States

  • 26 February 2021

    Commission proposes to provide €230 million to Estonia under SURE

  • 2 February 2021

    Commission disburses €14 billion under SURE to nine Member States

  • 01 December 2020

    Commission disburses €8.5 billion under SURE to five Member States

  • 17 November 2020

    The Commission has disbursed €14 billion to Italy, Spain, Greece, Croatia, Lithuania, Cyprus, Slovenia, Malta and Latvia.

  • 16 November 2020

    The Commission proposed financial support of €2.5 billion to Ireland

  • 27 October 2020

    The Commission has disbursed €17 billion to Italy, Spain and Poland

  • 23 October 2020

    The Council decided to grant financial support of €504 million to Hungary

  • 7 October 2020

    The Commission proposed financial support of €504 million to Hungary

  • 25 September 2020

    The Council decided to grant financial support to 16 Member States

  • 22 September 2020

    SURE is activated

  • 24-25 August 2020

    The Commission proposed a financial support of €87.3 billion for 16 Member States

  • 19 May 2020

    The Council approved the proposal and adopted the SURE regulation

  • 2 April 2020

    The Commission proposed the creation of SURE