EU executive proposes 1.85 trillion euros of coronavirus recovery plan

The European Commission on Wednesday proposed a package worth in total of 1.85 trillion euros for the EU's next long-term budget and a recovery fund for economies hammered by the coronavirus pandemic.

"The Commission is today proposing a new recovery instrument, called Next Generation EU, within a revamped long-term EU budget. In total, this European Recovery Plan will put 1.85 trillion euros to help kick-start our economy and ensure Europe bounces forward," the EU executive said in a statement.