SURE stands for the temporary Support to mitigate Unemployment Risks in an Emergency. It is a financial instrument proposed by the European Commission and adopted by the European Council to help the Member States who need to mobilise significant financial means to fight the negative economic and social consequences of the coronavirus outbreak on their territory.
This financial assistance is worked out in the form of loans on favourable terms from the EU to the affected Member States so that they can address a sudden increase in public expenditure for the preservation of employment in the context of the pandemic crisis.
The global amount dedicated to this instrument is €100 billion and is funded by issuing social bonds with favourable pricing terms.
Notice that the SURE instrument acts as a second line of defense, supporting short-time work schemes and similar measures. In this way Member States protect jobs and thus employees and self-employed against the risk of unemployment and loss of income. It is also possible to finance some health-related measures at the work place to ensure a normal economic activity.
At the same time, this is an important expression of Union solidarity, whereby the Member States agree to support each other through the Union. They contribute to the overall amount to its relative share in the total gross national income (GNI) of the European Union, based on the 2020 Eu budget.
At this moment the Council has already approved a total of €87.9 billion to 17 Member States. Further information about SURE can be found here.