Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Italy 01 01 - Liquidity Support EUR 2,000,000,000 2,212,389,381
Italy 01A 01A - Short-term lending EUR 2,000,000,000 2,212,389,381 Mipaaf. (accessed 12 June 2020); EC. (accessed 19 August 2020).

No amount/estimate: 9 June 2020, beneficiary farms can submit applications for advance payments to receive an equal amount 70% of the value of the company's securities portfolio. The measure corresponds to the need to provide immediate liquidity to farms taking into account the emergency period resulting from Covid-19; (ii) 13 August 2020, EUR2 billion to support trade credit insurance for all companies so that they can secure their commercial exchanges. This will help them address their liquidity needs and continue their activities during and after the crisis. Trade credit insurance protects companies supplying goods and services against the risk of nonpayment by their clients. Given the economic impact of the coronavirus outbreak, the risk of insurers not being willing to issue this insurance has become higher.

Italy 01B 01B - Support policies for short-term lending EUR OECD. (accessed 15 April 2020).

No amount/estimate: less significant banks and non-bank intermediaries are allowed to operate temporarily below the level of the Pillar 2 Guidance, the capital conservation buffer and the liquidity coverage ratio. Their deadline to submit their revised non-performing loan reduction plans is postponed to 30 June 2020. Other reporting and inspection deadlines are delayed.

Italy 01C 01C - Forex operations EUR
Italy 02 02 - Credit creation EUR 431,480,000,000 477,300,884,956
Italy 02A 02A - Financial sector lending/funding EUR
Italy 02B 02B - Support policies for long-term lending EUR
Italy 02B1 02B1 - Interest rate adjustments EUR
Italy 02B2 02B2 - Other policies to support long-term lending EUR OECD. (accessed 15 April 2020); IMF. (accessed 6 June 2020); Banca d' Italia. (accessed 6 August 2020); Banca d' Italia. (accessed 6 Agust 2020).

No amount/estimate: (i) 20 May 2020, to promote the use of credit claims as collateral and to incentivize lending to small and medium-sized enterprises, the Bank of Italy has extended the additional credit claim frameworks to include loans backed by COVID-19-related public sector guarantees; (ii) 28 July 2020, Banca d' Italia announced updates to its recommendations on the distribution of dividends and variable remuneration policies. Recommended less significant banks to not pay dividends for 2019 and 2020, to refrain from repurchasing shares with the aim of remunerating shareholders, and to reduce variable remuneration to preserve capital; (iii) 30 July 2020, Italian Institute for the Supervision of Insurance recommended companies to not distribute dividends, avoid the repurchase of ordinary shares, and refrain from paying variable pay until 1 January 2021.

Italy 02C 02C - Loan guarantees EUR 431,480,000,000 477,300,884,956 OECD. (accessed 15 April 2020); Reuters. (accessed 16 April 2020); Ministry of Economy and Finance. (accessed 31 May 2020); Banca D'Italia. (accessed 16 June 2020).

(i) EUR10 billion state guarantee for new loans for medium-large firms (based in 500 million 1:20); (ii) EUR21.48 billion for the SMEs Guarantee Fund (based in 1.5 billion 1:14 aprox); (iii) 9 April 2020, EUR400 billion in guarantees including EUR200 billion from Treasury to shield banks from losses on 90% of loans to companies of all sizes, and EUR200 billion guarantees from Cassa Depositi e Prestiti CDP (Italy's state lender) and its export agency Sace; (iv) No amount/estimate: further guarantees for firms most affected by the virus. Facilitate guarantees for self-employed workers, freelancers and individual entrepreneurs; (v) No amount/estimate: 9 June 2020, Adopted further measures to extend the Additional Credit Claims (ACC) scheme. The Bank of Italy introduced the possibility of granting guarantees to both consumer and mortgage loans offered to households. These measures will enter into force on 17 June 2020.

Italy 03 03 - Direct long-term lending EUR 450,000,000 497,787,611
Italy 03A 03A - Long-term lending EUR
Italy 03B 03B - Forbearance EUR 450,000,000 497,787,611 Invitalia. (accessed 18 April 2020); OECD. (accessed 15 April 2020).

(i) EUR50 million allocation for one-year suspension in repayment of loans to Invitalia (national development agency owned by the Ministry of Economy) to support SMEs in the most affected municipalities; (ii) EUR400 million for households, moratorium on debt payments, including mortgages.

Italy 04 04 - Equity support EUR 45,000,000,000 49,778,761,062 MEF. (accessed 21 July 2020).

(i) 15 May 2020, EUR45 billion in equity support for companies under the Relaunch Decree.

Italy 05 05 - Health and income support EUR 113,903,000,000 125,998,893,805
Italy 05A 05A - Health support EUR 11,585,000,000 12,815,265,487 OECD. (accessed 15 April 2020); Milano Today. (24 May 2020); Bloomberg. (accessed 24 May 2020).

(i) EUR3.2 billion for the national health service and to support civil protection; (ii) EUR3.25 billion for healthcare as part of the additional additional EUR55 billion rescue package announced on 13 May; (iii) 15 May 2020, EUR5 billion support to the health sector under the Relaunch Decree; (iv) EUR5 million to raise by 12 days the paid leave for disabled workers and workers caring for a disabled relative; (v) EUR130 million to extend sick leave to cover days spent in quarantine.

Italy 05B 05B - Income support EUR 70,668,000,000 78,172,566,372
Italy 05B1 05B1 - Tax and contribution deferrals and policy changes EUR 10,600,000,000 11,725,663,717 OECD. (accessed 15 May 2020); IMF. (accessed 21 May 2020); MEF. (accessed 3 October 2020).

(i) EUR600 million for suspension of collection of tax collection files; (ii) EUR10 billion for suspension of all the tax and social security payments coming due in March; (iii) No amount/estimate: Suspension for 2 months of tax and social security payments in the municipalities most affected; (iv) No amount/estimate: Incentive to sell impaired loans (NPLs) by converting deferred tax assets (DTA) into tax credits for financial and industrial companies; (v) 10 September 2020, As regards the moratorium on penalties for delayed payments of tax settlements due on 20 August 2020, the Government has undertaken to support, in dialogue with the Parliament, an amendment to Legislative Decree 104 of 2020 which provides for taxpayers who recorded in the first half of 2020 a reduction in turnover of at least 33 percent, the possibility of making the payment by Friday, 30 October 2020, with a penalty fee of 0.8%.

Italy 05B2 05B2 - Tax and contribution rates reduction EUR 540,000,000 597,345,133 OECD. (accessed 15 May 2020); IMF. (accessed 21 May 2020).

(i) EUR540 million for 60% tax credit on commercial rents; (ii) No amount/estimate: Non-application of withholding tax for professionals without employees, with revenues below EUR400,000 until 31 May 2020.

Italy 05B3 05B3 - Subsidies to individuals and households EUR 36,630,000,000 40,519,911,504 OECD. (accessed 15 May 2020); Milano Today. (18 May 2020); IMF. (accessed 21 May 2020); Bloomberg. (accessed 24 May 2020); Ministry of Labor and Social Policies. (accessed 16 June 2020); MISE. (accessed 19 August 2020); MEF. (accessed 5 September 2020).

For individuals: (i) EUR5.0 billion to strengthen the wage supplementation scheme for furloughed employees; (ii) EUR400 million for one-year suspension in the repayment of real estate mortgages by workers having lost their job; (iii) EUR2.3 billion for one-off EUR 600 payment to the self-employed & seasonal workers; (iv) No amount/estimate: Allowance of EUR500 per month for up to 3 months for self-employed workers in the municipalities most affected; (v) EUR1.3 billion to strengthen childcare support; (iv) EUR30 million for EUR1000 childcare payment to employees in the healthcare and law enforcement sectors; (vi) EUR900 million for a EUR100 one-off bonus to workers who continued to work at their workplace; (vii) 13 May 2020, the government announced a further EUR55 billion rescue package of measures. Measures include further income support for furloughed workers, freelancers and unemployment benefits (EUR26.5 billion); (viii) 8 June 2020, Decree that allows for the automatic disbursement of an April payment worth EUR600 to Italian free-lancers who benefitted from an analogous bonus for the month of March. The payment is a form of unemployment compensation related to COVID-19 (a so-called "Covid bonus"); (ix) 10 August 2020, Ministry of Economic Development signed implementation decrees worth a total of EUR600 million in the "School Plan" and the "Family Plan". The Family Plan allocates EUR200 million to households to support domestic Internet connection throughout Italy. The interventions will be managed by Infratel.

Italy 05B4 05B4 - Subsidies to businesses EUR 22,898,000,000 25,329,646,018 OECD. (accessed 15 May 2020); MIPAAF. (accessed 18 May 2020); Milano Today. (18 May 2020); IMF. (accessed 21 May 2020); Bloomberg. (accessed 24 May 2020); Ministry of Infrastructure and Transport, Italy. (accessed 25 May 2020); Ministry of Agricultural, Food and Forestry Policies. (accessed 18 July 2020); Ministry of Agricultural, Food and Forestry Policies. (accessed 20 July 2020); MISE. (accessed 19 August 2020); MEF. (accessed 5 September 2020); LAVORO. (accessed 15 Otober 2020); EIB. (accessed 17 Octobe 2020); Ministry of Agricultural, Food and Forestry Policies. (accessed 29 October 2020); European Commission. (accessed 17 December 2020). European Commission. (accessed 4 January 2020).

For companies: (i) EUR50 million for incentives to firms to sanitise workplaces; (ii) No amount/estimate: suspension of 2 months (until end of April 2020) in the payment of the electricity, gas, water and waste bills in the most affected municipalities; (iii) EUR1.7 billion to provide fee-free guarantee for SMEs loans; (iv) EUR500 million Emergency Fund to protect supply chains in crisis”, to cover damage by the agricultural, fishing and aquaculture sector, and “and the slowdown in exports” (especially for livestock). It is a partial compensation of stocks (costs of storage and seasoning of these products); (v) 6 May 2020, EUR60 million to the National Fund for support to access in housing rental; (vi) 7 May 2020, New Covid-19 emergency fund of EUR 100 million to agriculture sector (interest subsidy and direct aid); (vii) 13 May 2020, the government announced a further EUR55 billion rescue package of measures. Measures include funds for measures to support businesses, including grants for SMEs and tax deferrals (EUR16 billion), EUR1.2 billion for the food and agriculture sector, and EUR1.4 billion for schools, including hiring university researchers and teachers; (viii) 9 July 2020, Allocated EUR100 million to the wine sector to compensate for its voluntary reduction in production during the COVID-19 pandemic; (ix) 9 July 2020, Allocated EUR90 million to support livestock supply chains in crisis; (x) 10 August 2020, Ministry of Economic Development signed implementation decrees worth a total of EU600 million in the "School Plan" and the "Family Plan." The School Plan allocates EUR400 million to schools for the activation of ultra-broadband services; (xi) No amount/estimate: 7 October 2020, Extended the deadlines for submitting applications for ordinary layoffs, ordinary allowances and layoffs in derogation linked to the epidemiological emergency to 31 October 2020. In this way, all companies have a further possibility to send the requests and data necessary for the payment of the Cig Covid-19 services, guaranteeing workers access to the income support measures provided for by the August Decree; (xii) 16 October 2020, The Ministry of Agriculture, Food and Forestry Policies to provide a EUR600 million Catering Fund. Businesses in the catering sector (including restaurants) will receive grants to purchase Italian agricultural, wine, fishing, and products of excellence. Beneficiaries can apply through Poste Italiane, whereupon the Ministry will advance 90% of the grant. After purchase, submission of the receipt will trigger the last 10% to be sent by bank transfer. Grants range from EUR1,000 to EUR 10,000; (xiii) 3 December 2020, The European Commission has approved a EUR625 million Italian scheme to support tour operators and travel agencies in Italy affected by the coronavirus outbreak. The scheme consists in direct grants equal to a percentage (5%-20%) of the difference between (a) the amounts of turnover and fees registered from 23 February 2020 to 31 July 2020 and (b) the amount of turnover and fees for the corresponding period of 2019; (xiv) 29 December 2020, Commission approves EUR73 million of Italian support to compensate Alitalia for further damages suffered due to coronavirus outbreak.

Italy 05B5 05B5 - Indirect income support EUR
Italy 05B6 05B6 - No breakdown (income support) EUR
Italy 05C 05C - No breakdown (health and income support) EUR 31,650,000,000 35,011,061,947 OECD. (accessed 15 May 2020); IMF. (accessed 21 May 2020).

(i) 13 May 2020, the government announced a further EUR55 billion rescue package of measures. Aside from the measures mentioned above, EUR6.65 billion have no breakdown; (ii) 26 August 2020, Allocated an additional EUR25 billion in fiscal stimulus through the "August" Decree. The funds will support workers, businesses, local authorities, health workers and officials, and will afford general and sectoral measures for the recovery of the Italian economy.

Italy 06 06 - Budget reallocation EUR
Italy 07 07 - Central bank financing government EUR
Italy 07A 07A - Direct lending and reserve drawdown EUR
Italy 07B 07B - Secondary purchase: government securities EUR
Italy 08 08 - International Assistance Received EUR 34,350,000,000 37,997,787,611
Italy 08A 08A - Swaps EUR
Italy 08B 08B - International loans/grants EUR 34,350,000,000 37,997,787,611
Italy 08B1 08B1 - Asian Development Bank EUR
Italy 08B2 08B2 - Other EUR 34,350,000,000 37,997,787,611 MEF. (accessed 6 August 2020); EC. (accessed 16 November 2020); EIB. (accessed 19 November 2020); European Commission. (accessed 4 February 2021).

(i) The European Investment Bank (EIB) provided a loan to the Italian government to support healthcare interventions related to COVID-19. The EIB loan covers about two thirds of the costs foreseen by the "Relaunch Decree" for the healthcare sector. Of the EUR 2 billion in total, the first tranche of EUR 1 billion has already been completed; (ii) EUR27.4 billion from the EU's SURE instrument to cover the costs directly related to the financing of short-time work schemes, and other similar measures as a response to the coronavirus pandemic, in particular for the self-employed (for approval by the EU Council). 27 October 2020, The European Commission has disbursed a total of EUR17 billion to Italy. Once all SURE disbursements have been completed, Italy will receive a total of EUR27.4 billion; (iii) 11 November 2020, The European Investment Bank (EIB) and Mediocredito Centrale (MCC) are providing EUR50 million to help Italian small and medium-sized enterprises (SMEs) and mid-caps to face the COVID-19 crisis; (iv) As of 4 February 2020, Italy has received EUR4.45 billion, disbursed by the Commission under the SURE program. [update]

Italy 09 09 - International Assistance Provided EUR
Italy 09A 09A - Swaps EUR
Italy 09B 09B - International loans/grants EUR
Italy 10 10 - No breakdown EUR 50,000,000,000 55,309,734,513 MEF. (accessed 16 July 2020); MEF. (accessed 21 July 2020).

No amount/estimate: (i) 9 July 2020, The government announced the third phase of the Italian recovery plan, known as the "National Reform Program" (PNR). It outlines the Italian government's approach to stimulating economic growth, innovation, and environmental and social sustainability post-COVID-19. The PNR covers the years 2021-2023; (ii) 15 May 2020, EUR50 billion worth of measures (with no details) which is part of the Relaunch Decree. At the heart of the decree are the measures to support families and businesses, which not only reinforce and extend many of the Cura Italia measures, starting with the strong commitment to the health system, but also introduce new and important measures to get Italy back on its feet, keeping together economic recovery, social cohesion and security.

Italy 11 11 - Other Economic Measures EUR IMF. (accessed 1 May 2020); Yale. (accessed 1 May 2020); Ministero dell'Economia e delle Finanze. (accessed 16 June 2020); IVAAS. (accessed 6 August 2020);

(i) No amount/estimate: 24 April 2020, announced a special debt instrument called "BTP ITALIA," which will finance costs arising from the COVID-19 pandemic. The next issue will be 18 May 2020-21. The instruments have maturities of 4 to 8 years, with coupons paid every six months, and capital always guaranteed at maturity; (ii) IVASS (Insurance supervisory authority) followed the EIOPA recommendations and called insurance companies to be prudent about dividends and bonus payments to protect their capital position; insurance companies are asked to provide updated Solvency II ratios on a weekly basis; (iii) CONSOB called a three-month ban on shorting of all shares and lowered a minimum threshold beyond which it is required to communicate the participation in a listed company. These measures are aimed to contain the volatility of the financial markets and to strengthen the transparency of the holdings in the Italian companies listed on the Stock Exchange; (iv) 18 May 2020: Suspended the temporary ban on taking new net short position and the increase in existing net short positions. The Italian Companies and Exchange Commission (CONSOB) first introduced the ban on 17 March 2020. The ban will end on 18 May 2020; (v) 8 June 2020, Announced a new government bond exclusively dedicated to the retail market. This government bond is called the “BTP Futura”, and will solely finance expenses made by the Italian government to deal with the COVID-19 emergency, as well as to support the recovery of the Italian economy. The first issue will be Monday, 6 July 2020, to Friday, 10 July 2020.

Italy 12 12 - Non-Economic Measures EUR
Italy 12A 12A - Measures affecting travel and transport (local and international) EUR IMF. (accessed 9 May 2020); IMF. (accesssed 10 October 2020); Politico EU. (accessed 2 November 2020); IMF. (accessed 12 November 2020); Reuters. (accessed 14 December 2020); The Local Italy. (accessed 4 January 2020).

(i) Travel is restricted; (ii) People can now travel within their own region, and mobility restrictions across regions has been lifted on 3 June 2020, when international borders also reopen without restriction to and from other EU countries; (iii) Rapid Covid tests are required for travelers coming back from a number of countries in Europe; (iv) 8 October 2020, The Minister of Health, Roberto Speranza, has signed a new Ordinance, which provides for urgent measures to contain and manage the current health emergency. In particular, the Ordinance provides for the obligation of molecular or antigenic testing for those coming from or transiting in some European countries at greater risk for Covid-19 in the 14 days prior to entry into Italy, and the obligation to communicate entry into Italy to the Department of Prevention of the Local Health Authority; (v) A nationwide curfew is in place from 10pm to 5am. Public transportation capacity is reduced to 50%; (vi) Travelling into high risk regions (and between municipalities in these regions) is only permissible for essential work- and health-related reasons; (ix) 4 December 2020, Italy approved new restrictions including halting movement between towns during the Christmas and New Year season, as the country posted its highest daily death toll of the pandemic; (x) 22 December 2020, Italy allows citizens to return from UK despite a travel ban in place until 6 January 2021 due to the new coronavirus strain.

Italy 12B 12B - Measures affecting business and workplace EUR IMF. (accessed 9 May 2020); IMF. (accesssed 10 October 2020); Politico EU. (accessed 2 November 2020); IMF. (accessed 12 November 2020).

(i) Non-essential productive activities are closed across the country, with exceptions for supermarket and grocery stores, pharmacies, banks, public transport and essential public services; (ii) Since reopening on 4 May 2020, manufacturing and construction reopened under new safety rules (e.g., staggered shifts, spaced workstation, temperature checks, masks); (iii) In addition to retail shops, restaurants, cafes and hairdressers reopened on 18 May 2020 (the initial reopening plan was June 1); (iv) Sports facilities reopened on 25 May 2020, followed by cinemas and theatres on 15 June 2020; (v) Following the increase in confirmed cases beginning in early August, the government reintroduced some containment measures, including closing night clubs, capacity limits at cultural sites; (vi) Across the country, museums, cinemas, theatres, pools, and gyms are shut; (vii) In addition, the areas with the highest level of infections must close all bars, restaurants, and most non-essential shops. In low risks area, bars and restaurants must close by 6pm with a maximum of four persons per table.

Italy 12C 12C - Others EUR IMF. (accessed 9 May 2020); IMF. (accesssed 10 October 2020); Politico EU. (accessed 2 November 2020); IMF. (accessed 12 November 2020); Reuters. (accessed 14 December 2020), (accessed 4 January 2021); The Local Italy. (accessed 4 January 2021); Reuters. (accessed 20 January 2021); NPR. accessed 28 January 2021); France24. (accessed 4 February 2021).

(i) The nation-wide lockdown, announced in early March, was extended until 3 May 2020; (ii) Public gathering is banned; (iii) The nation-wide lockdown expired on 4 May 2020; (iv) All schools and universities remain shut; (v) The government moved forward some of the reopening plans; (vi) Regional governments are allowed the discretion to adjust the dates in both direction; (vii) Mask wearing in public places (both in and outdoors) is required through end January 2021. Fines were raised for those who do not follow anti-contagion and quarantine rules; (viii) Rapid Covid tests have been authorized for use in schools to identify and quarantine infected individuals, thereby avoiding the need to close entire schools. Schools remain open but older students will switch to remote learning; (ix) 4 December 2020, Italy approved new restrictions to avoid a surge in novel coronavirus infections over Christmas and the New Year, banning midnight mass and halting movement between towns (reflected in 12A); (x) 27 December 2020, Italy kicked off COVID19 vaccinations in Rome; (xi) 3 January 2021, Italy postponed the reopening of its ski resorts on Saturday until later this month, after regional authorities asked for more time to meet coronavirus regulations; (xii) 13 January 2021, Italy announced that it would extend the COVID state of emergency to end of April 2021; (xiii) 26 January 2021, Prime Minister Giuseppe Conte handed in his resignation to the president on issues over his handling of the second wave of COVID-19 and recovery funds from the European Union [update]; (ix) 4 February 2021, Restaurants and museums reopen as Italy relaxes coronavirus curbs [update].