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Economy and Finance

SURE

Het Europees instrument voor tijdelijke steun om het risico op werkloosheid in noodsituaties te beperken (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 €3.8 billion to 7 Member States (Belgium, Cyprus, Greece, Hungary, Latvia, Lithuania and Malta), the Council has approved a total of €94.4 billion in financial support to 19 Member States, based on Commission's proposals.

With the latest disbursement (29 March 2022), the EU has provided €91.8 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.

CountryProposed loan amountDisbursed
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

651 million

651 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

9.736 billion

Portugal

5.934 billion

5.934 billion

Romania

3 billion

3 billion

Slovenia

1.113 billion

1.113 billion

Slovakia

630 million

630 million

Czechia

2 billion

2 billion

Total93.3 billion

91.8 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 22 March 2022, the European Commission had issued €91.8 billion social bonds in eight rounds under the EU SURE instrument to help protect jobs and keep people in work. The issuances consisted of bonds ranging from 5 to 30 years. 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 2021, 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

  1. 20 June 2022

    The Commission proposes to amend Council Implementing Decision 2020/1355 of 25 September 2020 granting support to Romania.

  2. 29 March 2022

    The Commission disburses €1.5 billion to Poland, €523 million to Portugal and €147 million to Hungary.

  3. 4 January 2022

    The Commission proposes to amend Council Implementing Decision 2020/1354 of 25 September 2020 granting support to Portugal.

  4. 21 December 2021

    The Commission proposes to provide €147 million additional support to Hungary

  5. 25 May 2021

    Commission disburses €14.1 billion to 12 Member States

  6. 23 April 2021

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

  7. 30 March 2021

    The Commission disburses €13 billion to 6 Member States

  8. 30 March 2021

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

  9. 16 March 2021

    Commission disburses €9 billion under SURE to seven Member States

  10. 26 February 2021

    Commission proposes to provide €230 million to Estonia under SURE

  11. 2 February 2021

    Commission disburses €14 billion under SURE to nine Member States

  12. 1 December 2020

    Commission disburses €8.5 billion under SURE to five Member States

  13. 17 November 2020

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

  14. 16 November 2020

    The Commission proposed financial support of €2.5 billion to Ireland

  15. 27 October 2020

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

  16. 23 October 2020

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

  17. 7 October 2020

    The Commission proposed financial support of €504 million to Hungary

  18. 25 September 2020

    The Council decided to grant financial support to 16 Member States

  19. 22 September 2020

    SURE is activated

  20. 24-25 August 2020

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

  21. 19 May 2020

    The Council approved the proposal and adopted the SURE regulation

  22. 2 April 2020

    The Commission proposed the creation of SURE

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