EU member states' leaders have agreed on four priority points for the fight against coronavirus.

One of them concerns the mitigation of the economic consequences amid the coronavirus outbreak, and € 25 billion have been allocated for this, said President of the European Commission, Ursula von der Leyen

According to her, a “Corona Response Investment Initiative” directed at the health care systems, SMEs, labour markets, and other vulnerable parts of our economies, EC press service reported.

She also noted they have mobilised €140 million of public and private funding for promising research on vaccines, diagnosis and treatment.

“First and foremost, we must act at the macro-economic level. We will use all the tools at our disposal to make sure the European economy weathers this storm. This requires coordination between Member States, the Commission and the ECB. I am comforted that leaders have called for such a coordinated strategy,” she said.

Coronavirus outbreak has been confirmed in over 110 countries since the outbreak in China at the end of 2019. Over 118,000 cases of infection have already been detected globally, over 65,000 people have recovered, but more than 4,200 patients have died.