Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Denmark 01 01 - Liquidity Support DKK 2,211,659,372 327,433,628
Denmark 01A 01A - Short-term lending DKK 2,211,659,372 327,433,628 European Commission. (accessed 14 May 2020).

5 May 2020, EUR296 million in investment or working capital loans to startups to be provided only until the end of the year.

Denmark 01B 01B - Support policies for short-term lending DKK IMF. (accessed 15 April 2020).

(i) No amount/estimate: 20 March 2020, The Danmarks Nationalbank (DN) announced the launch of an ‘extraordinary lending facility’ which will make full-allotment, 1-week, collateralized loans available to banks at -0.5% interest rate. Starting 27 March 2020, this facility will also include 3-month variable rate loans; (ii) No amount/estimate: 24 March 2020, The DN announced the auction of USD liquidity; (iii) No amount/estimate: The Danish Financial Stability Authority (DFSA) also announced a case by case relaxation of regulation on the LCR requirement.

Denmark 01C 01C - Forex operations DKK IMF. (accessed 12 May 2020).

Denmark’s krone is pegged to the Euro. The fixed exchange rate policy has served Denmark well. The DN has stated its objective of preserving the peg.

Denmark 02 02 - Credit creation DKK 295,400,000,000 43,733,630,525
Denmark 02A 02A - Financial sector lending/funding DKK
Denmark 02B 02B - Support policies for long-term lending DKK 200,000,000,000 29,609,770,159
Denmark 02B1 02B1 - Interest rate adjustments DKK IMF. (accessed 14 May 2020).

No amount/estimate: The DN increased the policy rate by 15bps to -0.6%.

Denmark 02B2 02B2 - Other policies to support long-term lending DKK 200,000,000,000 29,609,770,159 IMF. (accessed 14 May 2020).

(i) 12 March 2020, DKK200 billion in additional liquidity after Danish authorities reduced the countercyclical capital buffer from 1% to 0% and cancel the planned increases meant to take effect later; (ii) No amount/estimate: 30 March 2020, A joint statement by the government and the financial sector commits banks and mortgage banks to support households with additional loans and payment holidays. Banks and insurance companies are urged by the DFSA not to pay out dividends or buy back shares; (iii) No amount/estimate: The DN also increased the interest rate on the previously announced 1-week loans to -0.35%.

Denmark 02C 02C - Loan guarantees DKK 95,400,000,000 14,123,860,366 OECD. (accessed 24 June 2020).

(i) 17 March 2020, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to SEK3.5 billion equally split between the Danish and Swedish governments; (ii) 19 March 2020, DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 liquidity guarantee in new loans to SMEs with export activities; (v) DKK2.25 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years; (vi) 18 April 2020, DKK30 billion government guarantee (to insurance companies) for companies' trade and export activities; (vii) No amount/estimate: 20 May 2020, For startups, loan guarantees by the Ministry of Finance on 70% of new corporate loans that are issued to cover losses directly relating to COVID-19.

Denmark 03 03 - Direct long-term lending DKK 1,500,000,000 222,073,276
Denmark 03A 03A - Long-term lending DKK 1,500,000,000 222,073,276 OECD. (accessed 15 April 2020).

19 March 2020, DKK1.5 billion expected increase in the utilization of Danish students’ Loan Scheme that was temporarily extended.

Denmark 03B 03B - Forbearance DKK

(xxiii) No amount/estimate: June 4, Banned predatory mortgage loan providers, and created rules to facilitate settlement of those loans;

Denmark 04 04 - Equity support DKK 18,777,889,398 2,780,044,946 IMF. (accessed 8 July 2020). European Commission. (accessed 22 July 2020)

(i) 18 April 2020, DKK3.5 billion in loans and equity provided to entrepreneurs and venture firms. The state investment fund (Vaekstfonden) will provide risky capital to start-ups and venture firm, facing difficulties in financing as private investors withdraw from the market. Available in 2020 only; (ii) 15 June 2020, DKK10 billion from a new government-backed fund to act as an investor of last resort with the possibility of recapitalizing large and important firms at risk of bankruptcy; (iii) Together with Sweden, planned recapitalization of SAS (a Dutch airline) through an equity injection. On 17 August 2020, the European Commission (EC) approved this measure. Denmark is expected to provide approximately EUR583 million of the recapitalization funds; (iv) 20 November 2020, EUR1.34 billion approved by the EC as capital support to large companies affected by coronavirus outbreak.

Denmark 05 05 - Health and income support DKK 481,300,900,000 71,256,045,133
Denmark 05A 05A - Health support DKK 5,170,800,000 765,530,998 OECD. (accessed 30 April 2020). IMF. (accessed 10 June 2020). Denmark government. (accessed 2 July 2020). The Local Denmark. (accessed 12 November 2020). Denmark government. (accessed 17 December 2020). Denmark gov't press release. (accessed 11 February 2021)

(i) 30 March 2020, DKK150 million in subsidies provided to health research specifically related to COVID-19; (ii) An additional DKK0.8 billion was allocated to hire more social and health workers nationwide; (iii) 1 July 2020, DKK1.4 billion disbursed to municipalities for protective equipment and extra cleaning; (iv) 11 November 2020, DKK18.8 million allocated for the testing of a potential COVID-19 vaccine developed by researchers; (v) 11 December 2020, DKK2.7 billion extra in COVID compensation to municipalities and regions for extra expenses for protective equipment and the test effort; (vi) 4 February 2021, DKK102 million allocated by the government for a new Danish study of the effect of COVID-19 vaccines.

Denmark 05B 05B - Income support DKK 476,130,100,000 70,490,514,135
Denmark 05B1 05B1 - Tax and contribution deferrals and policy changes DKK 343,000,000,000 50,780,755,823 OECD. (accessed 30 April 2020). (accessed 18 June 2020). (accessed 18 June 2020). Denmark government. (accessed 13 August 2020). European Commission. (accessed 6 July 2020). Ministry of Finance. (accessed 28 January 2021). Ministry of Taxation. (accessed 5 February 2021)

(i) 10 March 2020, DKK32.5 billion liquidity effect of deferral of monthly VAT payments for large firms; (ii) 26 March 2020, DKK1.1 billion liquidity effect of deferral of property taxes; (iii) March, DKK74 billion liquidity effect of deferral of income tax payment and labor market contributions; (iv) April, DKK35.4 billion VAT payments already made for second half and last quarter of 2019 are made available as interest free loans; (v) April 2020, DKK5 billion liquidity impact of deferral of provisional taxes for self-employed; (vi) 28 May 2020, DKK18 billion from further VAT deferrals for medium-sized firms; (vii) 21 January 2021, DKK7 billion from general deferral of the payment deadlines for A-tax, labor market contributions, B-tax and VAT - as well as payroll tax for certain companies. As of 29 January, these measures are extended for 2021, and the government estimates an additional DKK170 billion in spending to be generated.

Denmark 05B2 05B2 - Tax and contribution rates reduction DKK 750,000,000 111,036,638 Denmark Ministry of Finance. (accessed 17 December 2020)

6 December 2020, The Finance Act agreement for 2021 includes support for the experience economy, including restaurants and hotels, etc. of DKK750 million. This applies to e.g. tax exemption of employer-paid gift cards as well as other civil society efforts.

Denmark 05B3 05B3 - Subsidies to individuals and households DKK 23,902,000,000 3,538,663,632 OECD. (accessed 30 April 2020). (accessed 18 June 2020). (accessed 18 June 2020). Denmark government. (accessed 13 August 2020). European Commission. (accessed 6 July 2020). Denmark government. (accessed 23 January 2021); Denmark government. (accessed 27 February 2021); Denmark government. (accessed 11 March 2021)

(i) 12 March 2020, No amount/estimate: Short-time Work Scheme made more flexible; (ii) DKK10 million for upskilling of dismissed employees; (iii) DKK1.7 billion sickness benefit reimbursement available from 27 February 2020 to 1 January 2021; (iii) 18 April 2020, DKK6 billion for the Job Retention Scheme available from 9 March to 8 July 2020. Take-up rate around 5% of the labour force (150,000 employees) on 19 April; (iv) 18 April 2020, DKK277 million for increased access to unemployment and sickness benefits. As of 5 June 2020, the wage compensation has been extended to 29 August 2020; (v) 18 April 2020, DKK14.3 billion compensation scheme for self-employed; (vi) No amount/estimate: 14 May 2020, Increased holiday and time-off benefits for students, apprentices, and trainees; (vii) No amount/estimate: 26 May 2020, Relaxed requirements to receive pension and unemployment benefits; (viii) No amount/estimate: 26 May 2020, Frozen holiday funds must be paid out by employers by 1 September 2020; (ix) No amount/estimate: 15 June 2020, Announced a one-time grant of DKK1,000 to be paid to beneficiaries who were fully or partially publicly supported by a public income transfer in the month of April; (x) No amount/estimate: 15 June 2020, Gives six months' grief leave to all parents who lose a child under the age of 18; (xi) No amount/estimate: Extended the suspension of the 225-hour rule for cash beneficiaries until 8 September 2020; (xii) DKK730 million for increased unemployment benefits - unemployed people over 30 years will be entitled to take a vocational education of 110% unemployment benefit; (xiii) 13 July 2020, The European Commission has approved two Danish schemes to support self-employed workers and freelancers affected by the coronavirus outbreak: (a) DKK500 million for self-employed workers active in all sectors of the economy except the financial sector; (b) DKK200 million for self-employed workers and freelancers whose yearly income is strongly dependent on delivering goods or services linked to large events, which were initially planned for the summer of this year but had to be cancelled or postponed due to the emergency measures put in place by the Danish government to limit the spread of the coronavirus; (xiv) 19 January 2021, DKK25 million in new work grants for financially challenged artists; (xv) 24 February 2021, DKK60 million estimated effect of allowing pensioners who have taken extra COVID-related work to prohibit such income from being deducted against their pensions; (xvi) 3 March 2021, DKK100 million to help graduating students complete their education and graduate on time despite the school closures [update]; (xvii) No amount/estimate: 12 March 2021, Requirements have been relaxed to allow self-employed pregnant women to receive maternity benefits. [update]

Denmark 05B4 05B4 - Subsidies to businesses DKK 95,755,000,000 14,176,417,708 OECD. (accessed 30 April 2020). (accessed 18 June 2020). (accessed 18 June 2020). Denmark government. (accessed 13 August 2020). European Commission. (accessed 6 July 2020). Channel News Asia. (accessed 28 January 2021). Ministry of Finance. (accessed 5 February 2021)

(i) 26 March 2020, DKK6.5 billion frontloading of payment by local governments to firms; (ii) 1 April 2020, DKK300 million compensation scheme to event organizer companies extended; (iii) 7 April 2020, DKK1.2 billion for a range of minor support schemes established to support agents and businesses with cultural activities, sports and private education. This amount has been increased to DKK1.9 billion; (iv) 18 April 2020, DKK65.3 billion compensation scheme for companies’ fixed costs available for the period 9 March to 8 July; (v) 18 April 2020, DKK350 million for Innovation and Sustainable Growth in Business Scheme to support new projects. As of 5 August 2020, the European Commission has approved the extension of this program to help affected companies restructure and consolidate themselves. The modification will also improve cooperation between large companies and SMEs in green transition; (vi) 14 July 2020, DKK1.1 billion to compensate fixed costs of companies whose activities are still subject to the restrictive measures implemented by the Danish Government to limit the spread of the coronavirus. As of 7 August 2020, this measure has been extended to 29 August 2020 for companies which are still not allowed to open under the current rules; (vii) 10 September 2020, DKK250 million economic recovery package that will be used to strengthen the companies in the Nordic countries' opportunities in the green transition, remove burdens for companies, and get particularly hard-hit businesses such as. tourism back on track; (viii) 26 January 2021, DKK19 billion paid to its mink farmers after it closed down the industry over coronavirus fears. The measure will consist of reimbursements for the cull, as well as support for them to change their businesses; (ix) 3 February 2021, DKK315 million in grants to companies for authorized work environment advice, for health promotion in the form of physical training at work, or to try out aids that can improve the ergonomic work environment; (x) 11 February 2021, As part of the government's latest DKK9.5 billion aid package: (a) relaxed requirements for the self-employed to receive government benefits, (b) DKK175 million to improve the compensation scheme for fixed costs, (c) DKK35 million to compensate companies that have seasonal/perishable goods with an expiration date of more than one month. The balance is in Measure 10; (xi) 15 March 2021, DKK500 million to compensate the organizers of major festivals if they get cancelled due to COVID-19 restrictions. The scheme is valid until 30 September 2021. An additional emergency pool of DKK30 million is also allotted for charitable music festivals. [update]

Denmark 05B5 05B5 - Indirect income support DKK 10,723,100,000 1,587,542,632 OECD. (accessed 30 April 2020). (accessed 18 June 2020). (accessed 18 June 2020). Denmark government. (accessed 13 August 2020). European Commission. (accessed 6 July 2020). Ministry of Culture. (accessed 5 February 2021)

(i) DKK2.5 billion frontloading of investments in e.g. energy renovation and similar initiatives in municipalities; (ii) 20 May 2020, Established a pool of DKK20 million to sponsor collegiate, cultural, and sporting activities for vulnerable and elderly citizens during the coronavirus crisis. The pool is managed by the Ministry of Culture's Palace and Culture Board; (iii) No amount/estimate: Extended deadlines for Danish municipalities and regions to prepay deliveries worth DKK1 million (minus value added taxes) or less; (iv) DKK700 million summer fiscal package for the tourism, transportation, athletics, and culture sectors; (v) 1 July 2020, DKK7.5 billion disbursed to municipalities for transfer costs, employment grants, and other non-health expenditures. The other 1.4 billion of the 8.9 billion total package can be found in (iii) of Measure 5A; (vi) 1 February 2021, DKK3.1 million to GAME, which offers street sports, and the National Association of Venues and Sports for the Mind. The money will be used to initiate sports activities.

Denmark 05B6 05B6 - No breakdown (income support) DKK 2,000,000,000 296,097,702 Denmark Ministry of Finance. (accessed 17 December 2020). Denmark government. (accessed 17 December 2020); Denmark government. (accessed 27 February 2021)

(i) 6 December 2020, DKK2 billion for restructuring efforts. The money will go to the conversion of SMEs in hard-hit areas, upskilling and targeted training efforts, the establishment of regional growth teams and unemployment benefits [update]; (ii) No amount/estimate: 11 December 2020, The general aid packages for Danish business and cultural life are reopened to the whole country and not only to the municipalities where there are stricter restrictions right now. This means that the compensation scheme for fixed costs and the compensation scheme for the self-employed, etc. will be reopened; (iii) No amount/estimate: 22 February 2021, all existing aid schemes are extended until 5 April 2021.

Denmark 05C 05C - No breakdown (health and income support) DKK
Denmark 06 06 - Budget reallocation DKK
Denmark 07 07 - Central bank financing government DKK
Denmark 07A 07A - Direct lending and reserve drawdown DKK
Denmark 07B 07B - Secondary purchase: government securities DKK
Denmark 08 08 - International Assistance Received DKK 349,630,351,082 51,762,371,681
Denmark 08A 08A - Swaps DKK 349,182,041,750 51,696,000,000 IMF. (accessed 30 April 2020); The Fed. (accessed 14 May 2020).

The standing swap line with ECB was activated and its size was doubled to EUR24 billion. It will remain in place as long as needed, no information available on usage. In addition, the DN reached an agreement with the Federal Reserve to establish a USD30 billion swap line that will stand for at least 6 months. Amounts outstanding under the Federal Reserve swap line: USD300 million as of 6 August 2020. Peak amount oustanding: USD5.29 billion as of 30 April 2020.

Denmark 08B 08B - International loans/grants DKK 448,309,332 66,371,681
Denmark 08B1 08B1 - Asian Development Bank DKK
Denmark 08B2 08B2 - Other DKK 448,309,332 66,371,681 Nordic Investment Bank. (accessed 8 July 2020)

EUR60 million over a 10-year loan agreement between the Nordic Investment Bank (NIB) and the Danish Ringkjøbing Landbobank (RLB) for onlending to environmental projects and to SMEs in Denmark. This initiative is part of NIB's special support for sustainable business during the COVID-19 pandemic.

Denmark 09 09 - International Assistance Provided DKK 5,167,146,059 764,990,036
Denmark 09A 09A - Swaps DKK
Denmark 09B 09B - International loans/grants DKK 5,167,146,059 764,990,036 UN. (accessed 22 May 2020). Denmark government. (accessed 2 July 2020). The Star. (accessed 4 February 2021)

(i) As of 20 May 2020, contributed USD7,245,782 to the UN COVID-19 Response and Recovery Fund; (ii) 1 July 2020, contributed DKK5 billion to the European Guarantee Fund to help especially small and medium-sized businesses affected by the crisis; (iii) 3 February 2021, USD17.5 million in aid to Kenya to promote East Africa regional trade and combat COVID-19.

Denmark 10 10 - No breakdown DKK 9,500,000,000 1,406,464,083 Denmark government. (accessed 11 February 2021)

9 February 2021, The government passed a new DKK9.5 billion package including the following measures: (a) support to self-employed individuals through sickness and unemployment benefits, (b) support to companies for their fixed costs, (c) loan and travel guarantee schemes, and (d) funding for cultural activities. Some measures with amounts are enumerated in item (x) of Measure 5B4.

Denmark 11 11 - Other Economic Measures DKK Denmark government. (accessed 13 August 2020). Denmark government. (accessed 27 July 2020)

(i) 11 August 2020, set up a Forum for restarting Danish exports, and eight Restart Teams from various industries to contribute their input; (ii) 21 August 2020, Gave entrepreneurs a better opportunity to re-register entrepreneurial companies as private limited companies. Also extended the deadline for re-registration to 15 October 2021.

Denmark 12 12 - Non-Economic Measures DKK
Denmark 12A 12A - Measures affecting travel and transport (local and international) DKK IMF. (accessed 12 April 2020). The Local Denmark. (accessed 21 May 2020). The Local Denmark. (accessed 8 September 2020). Manila Bulletin. (accessed 7 January 2021). Schengen Visa Info. (accessed 14 January 2021). AP News. (accessed 28 January 2021); Denmark government. (accessed 18 February 2021)

(i) People returning from abroad are strongly encouraged to self-quarantine for two weeks. Borders have been closed and entry are only allowed for citizens and others with a critical reason to enter (e.g. work or visit sick family member). EU border restrictions apply as well. Borders remain fully open to transport of goods and capital flows. Air traffic is de facto shut down; (ii) 6 January 2021, Denmark is barring entry to residents of the UK and South Africa until 17 January 2021 due to fears over the spread of a new strain of the coronavirus there; (iii) 11 January 2021, Citizens of all countries have been banned from entering Denmark from 9 until 18 January. As of 13 January, this has been extended to 7 February; (iv) 23 January 2021, Suspension of all flights from the United Arab Emirates for five days; (v) 17 February 2021, Travelers from bordering countries are now required to present a negative RT-PCR test carried out at most 72 hours before entering the country.

Denmark 12B 12B - Measures affecting business and workplace DKK IMF. (accessed 12 April 2020). The Local Denmark. (accessed 21 May 2020). The Local Denmark. (accessed 8 September 2020). The Local Denmark. (accessed 7 January 2021)

(i) Only food stores, pharmacies and stores allowing sufficient physical distance are allowed to remain open. All restaurants, bars and cultural premises as well personal services not allowing sufficient physical distance (e.g. hairdressers) are required to close; (ii) The authorities announced careful and gradual lift of some containment measures such as the opening of daycares, kindergartens and schools (up to 5th grade) by 15 April 2020 while others remain in place till May (e.g. no events with more than 10 people, closure of borders) and August (e.g. large gatherings). The gradual opening of the economy was extended to include additional health care sectors and liberal professions. As of 8 October 2020, all current restrictions will be in place until 31 October.

Denmark 12C 12C - Others DKK IMF. (accessed 12 April 2020). The Local Denmark. (accessed 21 May 2020). The Local Denmark. (accessed 8 September 2020). Ministry of Finance. (accessed 5 February 2021); Denmark government. (accessed 11 March 2021); Reuters. (accessed 12 March 2021); Ministry of Health. (accessed 18 March 2021)

(i) All schools, childcare and education facilities were closed, but have gradually begun reopening as of 20 May 2020. Teaching continues through online distance learning platforms. The government has banned gatherings of more than 10 people (inside as well as outside), except in work places; (ii) The authorities adjusted the criteria for COVID-19 testing to enable a comprehensive testing of the population as part of the reopening strategy; (iii) As of 26 October 2020, Denmark has reduced the maximum number of people who are allowed to gather in public from 50 to 10, subject to exemptions for essential activities, etc. This measure will be initially effective for 4 weeks; (iv) 5 January 2021, The COVID-19 risk level used by authorities is to be increased from level 4 to level 5. This level indicates “widespread infection in society”, as well as “a risk that treatment capacity at hospitals will be exceeded”. Along with this, the limit on assembly in public will be reduced from 10 to 5 people; (v) 13 January 2021, The national lockdown, which has been in place since 25 December 2020, is extended until 7 February 2021; (vi) 3 February 2021, the government is launching a corona passport that can be used to document vaccination against COVID-19 in connection with travel, e.g. for business travelers. The solution will be launched on at the end of February; (vii) A preliminary agreement has been reached that will likely allow schools to reopen by 15 March 2021 [update]; (viii) 11 March 2021, Health authorities suspended the use of the AstraZeneca vaccine following reports of some adverse side effects [update]; (ix) 11 March 2021, The vaccine by Johnson & Johnson has been approved by the European Commission for use throughout the EU, including Denmark. [update]