Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Germany 01 01 - Liquidity Support EUR 457,000,000,000 505,530,973,451
Germany 01A 01A - Short-term lending EUR 457,000,000,000 505,530,973,451 Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Web/EN/Meta/QuickAccess/quickaccess.html%20And%20other (accessed 17 April 2020); Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Content/EN/Pressemitteilungen/2020/2020-03-23-supplementary-budget.html (accessed 17 April 2020).

March 23: (i) EUR100 billion within the Economic Stabilisation Fund (WSF) for the refinancing of large Kreditanstalt für Wiederaufbau (KfW) loans; (ii) EUR357 billion increase of the KfW guarantee framework (roughly EUR465 billion) to around EUR822 billion available through guarantee loans and to set up new ones and expand liquidity assistance programs.

Germany 01B 01B - Support policies for short-term lending EUR
Germany 01C 01C - Forex operations EUR
Germany 02 02 - Credit creation EUR 483,840,000,000 535,221,238,938
Germany 02A 02A - Financial sector lending/funding EUR
Germany 02B 02B - Support policies for long-term lending EUR International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020) ; Bundesministerium der Finanzen. https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2020/07/2020-07-29-PM-Risikoreduzierungsgesetz.html (accessed 6 August 2020).

(i) No amount/estimate: April 1, Release of the countercyclical capital buffer for banks from 0.25% to zero; (ii) No amount/estimate: July 29, The Federal Cabinet passed a draft law to strengthen the stability of the banking sector and protect taxpayers and investors. Large banks will have to maintain loss buffers of at least 8% of their total assets, which cushion losses in the event of a crisis (https://bit.ly/3gxzoTh).

Germany 02C 02C - Loan guarantees EUR 483,840,000,000 535,221,238,938 Federal Ministry of Finance. https://bit.ly/3el63tR (accessed 17 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#G (accessed 17 April 2020); Federal Ministry of Economy and Energy. https://www.bmwi.de/Redaktion/DE/Pressemitteilungen/2020/20200707-altmaier-mit-5-punkte-massnahmepaket-unterstuetzen-wir-deutsche-exportwirtschaft.html (accessed 12 July 2020); European Commission. https://bit.ly/2PMOtoh (accessed 8 August 2020).

(i) March 23, EUR400 billion under the WSF to provide guarantees to companies' debt (up to 60 months) and EUR63 billion in guarantees by Länder; (ii) July 7, The federal government supports the financing of German exports with export credit guarantees (annual guarantee volume is EUR20 billion). This is part of the package of measures announced to support the export industry; (iii) July 31, European Commission approves EUR840 million German guarantee scheme to cover vouchers issued by travel operators for cancelled travel packages booked prior to 8 March 2020. Any traveller that accepts a voucher issued by a travel operator will be able to either use it or receive a full refund (https://bit.ly/2PMOtoh).

Germany 03 03 - Direct long-term lending EUR 3,550,000,000 3,926,991,150
Germany 03A 03A - Long-term lending EUR 3,550,000,000 3,926,991,150 Reuters. https://reut.rs/3djjklp (accessed 2 May 2020); Federal Ministry of Finance. https://bit.ly/2YPVHf6 (accessed 31 May 2020).

(i) April 27, EUR550 million loan to Condor, a German leisure airline; (ii) May 25, Lufthansa gets a EUR9 billion support, of which EUR3 billion is a KfW syndicated loan (private banks will contribute EUR600 million).

Germany 03B 03B - Forbearance EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020); Federal Ministry of Economy and Energy. https://www.bmwi.de/Redaktion/DE/Pressemitteilungen/2020/20200707-altmaier-mit-5-punkte-massnahmepaket-unterstuetzen-wir-deutsche-exportwirtschaft.html (accessed 12 July 2020).

No amount/estimate: (i) May, A payment moratorium on consumer loans established before March 15 is granted until June 30, 2020 if the debtor is financially affected by the COVID-19 crisis; (ii) July 1, New insolvency law making cheaper and easy to file for insolvency for companies and consumers; (iii) July 7, Improved financing conditions for new export transactions (e.g., reduced down payments and delayed repayments for certain transactions). This is part of the package of measures announced to support the export industry.

Germany 04 04 - Equity support EUR 112,000,000,000 123,893,805,310 Federal Ministry of Finance. https://bit.ly/3el63tR (accessed 17 April 2020); Federal Ministry for Economic Affairs and Energy. https://bit.ly/3ehnpbi (accessed 17 April 2020); Bruegel. https://bit.ly/3eeLoYx (accessed 16 April 2020); Deutsche Welle. https://bit.ly/3hFEEFj (accessed 17 April 2020); Finance Yahoo. https://yhoo.it/3gjTIHQ (accessed 25 May 2020); Federal Ministry of Finance. https://bit.ly/2YPVHf6 (accessed 31 May 2020).

(i) March 23, EUR100 billion under the WSF to directly acquire equity of larger affected companies and strengthen their capital position. May 25, Lufthansa gets a EUR9 billion support, of which EUR6 billion will be equity; (ii) April 1, EUR2 billion to expand venture capital financing to start-ups, new technology companies, and small businesses during the coronavirus crisis; and (iii) EUR10 billion fund by the state of Bavaria to buy stakes in struggling companies.

Germany 05 05 - Health and income support EUR 799,221,500,000 884,094,579,646
Germany 05A 05A - Health support EUR 71,695,000,000 79,308,628,319 Federal Ministry of Finance. https://bit.ly/311YswO (accessed 17 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 17 April 2020); Federal Ministry of Health. https://www.bundesgesundheitsministerium.de/coronavirus.html (accessed 8 June 2020); Die Bundesregierung. With a total of 45 million euros, the Federal Ministry of Education and Research (BMBF) is strengthening research into effective strategies and therapies against the coronavirus SARS-CoV-2 and the disease Covid-19 (accessed 25 July 2020); Die Bundesregierung. bundesregierung (accessed 1 August 2020) ; Die Bundesregierung. https://www.bundesregierung.de/breg-de/aktuelles/bund-laender-beschluesse-1780542 (accessed 29 August 2020); Die Bundesrgierung. https://www.bundesregierung.de/breg-de/aktuelles/pflegebonus-1782446 (accessed 5 September 2020).

(i) March 23, EUR3.5 billion for emergency measures, such as procuring protective suits and masks, funding for development of a vaccine and treatment, support services provided by the Federal Armed Forces, assistance for German and European Union citizens abroad, and public outreach to keep the population informed; (ii) EUR55 billion funds made available for further pandemic control projects; (iii) EUR2.8 billion will be provided by the Federal government as additional funding for hospitals to balance losses due to rescheduled surgeries and to increase intensive care unit (ICU) capacity; (iv) June 3, the government decided on a new stimulus package which includes EUR9.5 billion to strengthen health care, by investing in local health offices, more modern hospitals, sufficient medicines, and protective equipment; (v) July 20, A total of EUR45 million is allocated by the Federal Ministry of Education and Research (BMBF) to strengthen research into effective strategies and therapies against the coronavirus SARS-CoV-2 and the disease COVID-19; (vi) July 29, EUR750 million for the special vaccine development program; (vii) No amount/estimate: August 27, To relieve families in the COVID-19 pandemic, children's sickness benefit is to be paid for five additional days per parent in 2020, and for single parents for ten additional days [update]; (viii) September 4, Bonus of up to GBP1000 for nurses in hospitals who were stressed by caring for COVID-19 patients. For this purpose, EUR100 million are made available [update].

Germany 05B 05B - Income support EUR 727,526,500,000 804,785,951,327 Federal Ministry of Finance. https://bit.ly/311YswO (accessed 17 April 2020); Bruegel. https://www.bruegel.org/publications/datasets/covid-national-dataset/#germany (accessed 17 April 2020); Federal Ministry of Finance and Federal Ministry for Economic Affairs and Energy. https://bit.ly/30Zwr91 (accessed 17 April 2020); Tax Foundation. https://taxfoundation.org/kurzarbeit-germany-short-work-subsidy-scheme/ (accessed 17 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 30 April 2020; 8 May 2020); Bundesministerium der Finanzen. https://bit.ly/3djjZDp (accessed 9 May 2020); Federal Ministry of Labor and Social Affairs. https://bit.ly/2Yg4WWX (accessed 21 May 2020); Politico. https://politi.co/2Yhl6z8 (accessed 4 June 2020); Die Bundesregierung. https://www.bundesregierung.de/breg-en/news/corona-steuerhilfegesetz-1760128 (accessed 29 June 2020); Die Bundesregierung. https://www.bundesregierung.de/breg-de/aktuelles/mehr-geld-fuer-stipendien-1771146 (accessed 1 August 2020); Bundesministerium der Finanzen. https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Corona-Schutzschild/2020-03-19-steuerliche-Massnahmen.html (accessed 6 August 2020); European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1463 (accessed 15 August 2020); Bundesministerium der Finanzen. https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2020/09/2020-09-02-PM-Steuerliche-Verbesserungen.html (accessed 3 September 2020); Budesministerium der Finanzen. https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Corona-Schutzschild/2020-03-19-Beschaeftigung-fuer-alle.html (accessed 5 September 2020); Bundesministerium der Finanzen. https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Corona-Schutzschild/2020-03-19-Beschaeftigung-fuer-alle.html (accessed 6 September 2020); ZDF. https://www.zdf.de/nachrichten/wirtschaft/kurzarbeitergeld-scholz-100.html (accessed 6 September 2020).

(i) March 23, EUR50 billion in direct grants to distressed one-person businesses and micro-enterprises; (ii) EUR7.7 billion to expand access to welfare payments such as child allowance and income support, removing means-testing rules, and including self-employed workers; (iii) EUR500 billion (Bruegel estimate) tax deferrals for businesses, that is, EUR70 billion for direct corporate income tax plus EUR430 billion if we include indirect taxes and social contributions (assuming 75% tax deferral and 5% of gross domestic product [GDP] loss in 2020); (iv) EUR10 billion for keeping people employed, by expanding the reduced hours compensation benefit scheme (‘Kurzarbeitergeld’). August 26, The subscription period was extended up to 24 months, at an additional cost of EUR10 billion (i.e. until December 31, 2021 at the latest) [update]; (v) Subsidies to loans (included in the EUR357 billion mentioned in Measure 1) made available through KfW; (vi) No amount/estimate: April 22, The government decided to increase the replacement rate of lost net earnings to 70% for childless workers and to 77% for workers with children from the fourth month of short-time work onwards if they have reduced their working time by at least 50%. In the seventh month, payments are increased further to 80% and 87% respectively; (vii) April, The labor agency will cover 100% of social-security contributions for lost hours of short-time workers; (viii) No amount/estimate: Starting on July 1, the reduced VAT rate of 7% will be applicable to restaurants for 12 months; (ix) No amount/estimate: May 6, (a) Sales tax rate for restaurant and catering services rendered between 30 June 2020 and 1 July 2021 will be reduced from 19% to 7%, except for beverage sales; (b) Employer grants for short-time work benefits and seasonal short-time work benefits for wage payment between 29 February 2020 and 1 January 2021 will be up to 80% of the difference between the target salary and the actual salary; (x) May 14, Under the Social Protection Package, The increase in short-time work benefits leads to additional expenditure in the budget of the Federal Employment Agency of an estimated EUR680 million. The extension of the eligibility period for unemployment benefit leads to additional expenditure in the budget of the Federal Labor Agency estimated around EUR1.95 billion; (xi) June 3, A new stimulus package which includes: (a) Economic and crisis management package, mainly tax cuts and investments (EUR59.7 billion), (b) Strengthen Länder and municipalities (EUR15.6 billion), (c) Social expenditure (EUR9 billion), (d) Future programme (green and technological) (EUR47 billion), (e) Humanitarian aid (EUR3 billion), and (f) Equity for public railways (EUR5 billion); (xii) No amount estimate: (a) Temporary VAT reduction (19% to 16% and 7% to 5%) until December 31; (b) EUR300 one-off for every child, and (c) increase on limits to offset losses against profits from previous years; (xiii) July 3, NEUSTART KULTUR: Aid for cultural institutions for the preservation and strengthening of the nationwide important cultural landscape (EUR1 billion); (xiv) July 3, EUR853 million is allocated for children, young people, and families, with the passage of the Second Supplementary Budget 2020 on July 2. This creates the financial prerequisites for implementing the measures of the economic stimulus package (under item xi, Nonhealth measure); (xv) July 23, EUR43.5 million increase in scholarship for Cultural workers; (xvi) July 30, Temporary reduction in the sales tax rate for food to 7%, tax deferral for companies, and waiver of enforcement of overdue tax debt payments (https://bit.ly/2PtMhSd)]; (xvii) August 7, The European Commission has approved EUR6 billion scheme to compensate companies providing regional and local public passenger transport services in Germany for the damage suffered due to the coronavirus outbreak; (xviii) No amount/estimate: September 2, The federal cabinet approved the draft for the 2020 Annual Tax Act, which provides for tax improvements for investment, reduced working hours and affordable housing [update].

Germany 06 06 - Budget reallocation EUR
Germany 07 07 - Central bank financing government EUR
Germany 07A 07A - Direct lending & reserve drawdown EUR
Germany 07B 07B - Secondary purchase: government securities EUR
Germany 08 08 - International Assistance Received EUR
Germany 08A 08A - Swaps EUR
Germany 08B 08B - International loans/grants EUR
Germany 08B1 08B1 - Asian Development Bank EUR
Germany 08B2 08B2 - Other EUR
Germany 09 09 - International Assistance Provided EUR
Germany 09A 09A - Swaps EUR
Germany 09B 09B - International loans/grants EUR
Germany 10 10 - No breakdown EUR Federal Ministry of Finance. https://bit.ly/2YimTnV (accessedd 22 May 2020).

EUR67 billion, Proposed a Solidarity Pact for cities and municipalities suffering from significant reduced income due to the coronavirus. The solidarity pact has two elements: old debt relief and emergency aid to compensate for trade tax losses. The old debt relief would involve a one-off haircut worth a total of EUR45 billion. The emergency aid would entail the federal government and the states each assuming half the tax burden of the municipalities, and losses are currently estimated at EUR12 billion. The amount will be added to the package once approved.

Germany 11 11 - Other Economic Measures EUR Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 18 May 2020).

April 1, Missed rent payments due to COVID-related reasons cannot lead to evictions and rent payments for these tenants will be postponed (in force from April 1 to June 30). Consumers that cannot finance running consumption costs for their housing units (such as electricity, gas, telecommunication and water) can postpone them without being charged late payment fees or forced to judicial debt collection.

Germany 12 12 - Non-Economic Measures EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 11 April 2020, 15 May 2020, 21 May 2020, 16 July 2020) ; DW https://bit.ly/2YiaGiT (accessed 8 May 2020); BBC. https://www.bbc.com/news/explainers-52575313 (accessed 28 May 2020); Reuters. https://reut.rs/37MQtVA (accessed 4 June 2020); Reuters. https://www.reuters.com/article/us-health-coronavirus-germany-tests/germany-begins-mass-coronavirus-testing-at-airports-idUSKCN24U2DG (accessed 30 July 2020); Daily Sabah. https://www.dailysabah.com/world/europe/german-children-start-new-school-year-amid-virus-fears?gallery_image=undefined#big (accessed 4 August 2020); Die Bundesregierung. https://www.bundesregierung.de/breg-de/aktuelles/pflichtests-kommen-1774748 (accessed 8 August 2020); Die Bundesregierung. https://www.bundesregierung.de/breg-de/aktuelles/bund-laender-beschluesse-1780542 (accessed 29 August 2020).

(i) Contact ban for meetings of more than two individuals in public, with exemption for household members, have been decided on March 22 across the country, extended until at least May 4 on April 15. The Federal States of Bavaria, Saarland, and Saxony have introduced stricter lockdowns; (ii) Reintroduction of border controls at the internal Schengen borders to France, Luxembourg, Switzerland, Denmark, Italy, Spain, and Austria, with restriction on entry since March 16 and 19. Goods and commuters are allowed to cross the border. On April 2, the government agreed to exceptionally allow seasonal agricultural workers to enter the country under strict requirements after seasonal workers have generally been denied entry from March 25 onward. Travel warning for all countries in place until the end of April. In accordance with the decision at the European level, individuals from outside the EU, with few exceptions, cannot enter the country for at least 30 days starting March 18; (iii) Most schools and day care centers are closed until mid-April; (iv) Restaurants are closed. Nonessential stores, leisure, and cultural facilities have been closed since March 15 and 16. Larger events were cancelled until end-August; (v) May 10, The contact ban for meetings in public decided on March 22 has been extended until June 5 but eased such that multiple members of two households can meet in public; (vi) May 10, Travel warning for all countries initially in place until the end of April has been extended until at least mid-June; (vii) A gradual reopening of stores began on April 20. Some states have allowed reopening of restaurants from May 8 onwards. Other states will follow gradually over the course of May including the re-opening of hotels; (viii) May 6, border controls to neighboring countries will be gradually lifted; (ix) May 28, Control of lifting the downlockdown lies on the federal states. Shops are allowed to reopen and schools have been partially reopened. Border controls were eased on May 15 with Austria, France and Switzerland and will be lifted on June 15. Big public events like festivals are banned until at least the end of August. Social distancing rules extended until June 29; (x) June 3, Germany will lift a travel ban for European Union member states plus Britain, Iceland, Norway, Liechtenstein and Switzerland from 15 June as long as there are no entry bans or large-scale lockdowns in those countries; (xi) June 16, The government launched a Corona-Warn app that allows users to trace potential contact with COVID-infected individuals. Its use is voluntary; (xii) June 17, Containment measures re-imposed in two municipalities in the state of North-Rhine Westphalia after a resurgence in new COVID-19 cases (“emergency brake"). Restrictions were eased on 6 July; (xiii) July, A general contact restriction of keeping distance and wearing masks in stores and public transport should continue until further notice; (xiv) July 29, Free and compulsory coronavirus testing begins at Berlin's Tegel airport. Other airports such as Frankfurt have been offering tests over the previous weeks, but additional preparations are being made to test passengers arriving from countries deemed high risk; (xv) August 3, new school year begins with children returning to school in the Mecklenburg-Western Pomerania region. Germany's 16 states had agreed that schools will reopen full-time after the summer break; (xvi) August 8, Mandatory corona tests for returnees from risk areas begins. Tests are free for the travelers; (xvii) August 27, Returnees from risk areas should be able to end their quarantine at the earliest with a test from the fifth day after their return. The federal states will set the minimum fine for violations of the mask requirement of at least EUR50. There is a ban on major events, where contact tracking and compliance with hygiene regulations, are not possible until at least the end of 2020 [update].

Germany 01 01 - Liquidity Support EUR 457,000,000,000 505,530,973,451
Germany 01A 01A - Short-term lending EUR 457,000,000,000 505,530,973,451 Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Web/EN/Meta/QuickAccess/quickaccess.html%20And%20other (accessed 17 April 2020); Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Content/EN/Pressemitteilungen/2020/2020-03-23-supplementary-budget.html (accessed 17 April 2020).

March 23: (i) EUR100 billion within the Economic Stabilisation Fund (WSF) for the refinancing of large KfW loans; and (ii) EUR357 billion increase of the Kreditanstalt für Wiederaufbau (KfW) guarantee framework (roughly EUR465 billion) by approximately EUR357 billion, to around EUR822 billion available through guarantee loans and to set up new ones and to expand liquidity assistance programs.

Germany 01B 01B - Support policies for short-term lending EUR
Germany 01C 01C - Forex operations EUR
Germany 02 02 - Credit creation EUR 463,000,000,000 512,168,141,593
Germany 02A 02A - Financial sector lending/funding EUR
Germany 02B 02B - Support policies for long-term lending EUR International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).

No amount/estimate: April 1, Release of the countercyclical capital buffer for banks from 0.25% to zero.

Germany 02C 02C - Loan guarantees EUR 463,000,000,000 512,168,141,593 Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Web/EN/Meta/QuickAccess/quickaccess.html%20And%20other (accessed 17 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#G (accessed 17 April 2020).

(i) March 23, EUR400 billion under the WSF to provide guarantees to companies' debt (up to 60 months); and (ii) EUR63 billion in guarantees by Länder.

Germany 03 03 - Direct long-term lending EUR 550,000,000 608,407,080
Germany 03A 03A - Long-term lending EUR 550,000,000 608,407,080 Reuters. https://www.reuters.com/article/us-health-coronavirus-germany-condor/german-airline-condor-to-receive-loans-worth-550-million-euros-government-idUSKCN2290Q9 (accessed 2 May 2020).

April 27, EUR550 million loan to Condor, a German leisure airline.

Germany 03B 03B - Forbearance EUR
Germany 04 04 - Equity support EUR 112,000,000,000 123,893,805,310 Federal Ministry of Finance. https://www.bundesfinanzministerium.de/Web/EN/Meta/QuickAccess/quickaccess.html%20And%20other (accessed 17 April 2020); Federal Ministry for Economic Affairs and Energy. https://www.bmwi.de/Redaktion/EN/Pressemitteilungen/2020/20200401-customised-support-for-new-businesses-affected-by-the-coronavirus-crisis.html%0b%0b (accessed 17 April 2020); Bruegel. https://www.bruegel.org/publications/datasets/covid-national-dataset/#germany (accessed 16 April 2020); Deutsche Welle. https://www.dw.com/en/coronavirus-what-countries-are-doing-to-minimize-economic-damage/a-52816921 (accessed 17 April 2020).

(i) March 23, EUR100 billion under the WSF to directly acquire equity of larger affected companies and strengthen their capital position; (ii) April 1, EUR2 billion to expand venture capital financing to start-ups, new technology companies, and small businesses during the coronavirus crisis; and (iii) EUR10 billion fund by the state of Bavaria to buy stakes in struggling companies.