It is true that the COVID-19  outbreak presents a major challenge to the entire European Union. On 13 March 2020 the European Commission has adopted a legislative proposal to promote investments in healthcare systems and other sectors of the economy. This legislative proposal concerns the Coronavirus Response Investment Initiative (CRII), which will mobilise the EU budget to complement Member States' efforts, ensuring a total of €37 billion for investment. Cohesion Policy funding and the EU Solidarity Fund will play a central role in this initiative.

In particular, the proposed Regulation permits Member States to make use of EUR 8 billion unspent pre-financing for European structural and investment funds currently held by member states, and to use this to supplement EUR 29 billion of structural funding across the EU in response to the COVID-19 outbreak . According to the proposal, the Common Provisions Regulation, the European Regional Development Fund (ERDF) and the European Maritime and Fisheries Fund will be amended in order to ensure cohesion policy funds for the healthcare system, the SMEs and the national short-term employment schemes.

The Coronavirus Response Investment Initiative consists of

• €37 billion of European public investment
• Maximum flexibility in applying EU spending rules by using  money from the European Regional Development Fund and the European Social Fund to invest in the healthcare systems, the European Regional Development Fund to help companies tackle short-term financial shocks linked to the Coronavirus crisis, the European Social Fund to temporarily support national short time working schemes which help cushion the impact of the shock and the  European Maritime and Fisheries Fund to safeguard the income of fishermen and aquaculture farmers affected by the crisis
• Access to the EU Solidarity Fund which will help ember States go through a range of different natural disasters including floods, forest fires, earthquakes, storms and drought

Yesterday the European Parliament approved the proposed Regulation with 683 votes in favour.The European Council has to approve Parliament's position and in the coming days the adopted measures will enter into force.