Germany's Scholz: COVID recovery fund still available as next crisis hits

The majority of funds made available as part of the European Union's pandemic recovery fund have not yet been disbursed, Chancellor Olaf Scholz said on Tuesday when asked about the possibility of further joint debt to address the energy crisis.

"These funds have overwhelmingly not been spent yet," Scholz said after a meeting with the Dutch prime minister in Berlin, adding that this support could be "particularly effective" now that a second crisis has followed the COVID-19 pandemic.

In 2020, the 27 EU nations made an unprecedented agreement to jointly borrow 750 billion euros ($743.48 billion) for a fund to help fight the economic slump caused by COVID-19 and address the challenges of climate change. ($1 = 1.0088 euros)

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