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Economy and Finance

SURE

The European instrument for temporary Support to mitigate Unemployment Risks in an Emergency (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 €8.22 billion to 11 Member States (Belgium, Bulgaria, Croatia, Cyprus, Czechia, Greece, Hungary, Latvia, Lithuania, Malta and Portugal), 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

971 million

511 million

Cyprus

632 million

603 million

Estonia

230 million

230 million

Greece

6.2 billion

5.265 billion

Spain

21.324 billion

21.324 billion

Croatia

1.6 billion

1.02 billion

Hungary

651 million

651 million
Ireland

2.473 billion

2.473 billion

Italy

27.438 billion

27.438 billion

Lithuania

1.1 billion

957 million

Latvia

472 million

305 million

Malta

420 million

420 million

Poland

11.236 billion

9.736 billion

Portugal

6.2 billion

5.934 billion

Romania

3 billion

3 billion

Slovenia

1.113 billion

1.113 billion

Slovakia

630 million

630 million

Czechia

4.5 billion

2 billion

Total98.4 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. 21 November 2022

    The Council decides to grant additional financial support to Latvia

  2. 25 October 2022

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

  3. 21 October 2022

    The Commission proposes an additional €167 million to Latvia

  4. 5 October 2022

    The Commission proposes to amend Council Implementing Decision 2020/1353 of 25 September 2020 granting support to Poland.

  5. 3 October 2022

    The Commission proposes an additional €2.5 billion to Czechia

  6. 28 September 2022

    The Commission proposes an additional €900 million to Greece, €29 million to Cyprus and €300 million to Portugal

  7. 20 September 2022

    The Commission proposes an additional €550 million to Croatia and €142 million to Lithuania

  8. 20 September 2022

    The Council decides to grant additional financial support to Bulgaria

  9. 25 August 2022

    The Commission proposes to provide €460 million additional support to Bulgaria

  10. 20 June 2022

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

  11. 29 March 2022

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

  12. 4 January 2022

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

  13. 21 December 2021

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

  14. 25 May 2021

    Commission disburses €14.1 billion to 12 Member States

  15. 23 April 2021

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

  16. 30 March 2021

    The Commission disburses €13 billion to 6 Member States

  17. 30 March 2021

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

  18. 16 March 2021

    Commission disburses €9 billion under SURE to seven Member States

  19. 26 February 2021

    Commission proposes to provide €230 million to Estonia under SURE

  20. 2 February 2021

    Commission disburses €14 billion under SURE to nine Member States

  21. 1 December 2020

    Commission disburses €8.5 billion under SURE to five Member States

  22. 17 November 2020

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

  23. 16 November 2020

    The Commission proposed financial support of €2.5 billion to Ireland

  24. 27 October 2020

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

  25. 23 October 2020

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

  26. 7 October 2020

    The Commission proposed financial support of €504 million to Hungary

  27. 25 September 2020

    The Council decided to grant financial support to 16 Member States

  28. 22 September 2020

    SURE is activated

  29. 24-25 August 2020

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

  30. 19 May 2020

    The Council approved the proposal and adopted the SURE regulation

  31. 2 April 2020

    The Commission proposed the creation of SURE

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