Other ADB Members

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 144,859.00
% of GDP (2019): 55.22%
% of Regional Total Package: N/A
Package Per Capita in USD: 26,241.10
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline EUR2,000,000,000 USD2,212,389,381
01A - Short-term lending info_outline EUR2,000,000,000 USD2,212,389,381

March 2020, (i) EUR1 billion of the Bank of Finland's liquidity support by investing in short-term Finnish corporate commercial paper; (ii) EUR1 billion for the State Pension Fund investments in commercial paper.

01B - Support policies for short-term lending info_outline
01C - Forex operations info_outline
02 - Credit creation info_outline EUR84,080,000,000 USD93,008,849,558
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline EUR82,000,000,000 USD90,707,964,602
02B1 - Interest rate adjustments
02B2 - Other policies to support long-term lending EUR82,000,000,000 USD90,707,964,602

17 March 2020, (i) EUR52 billion in lending capacity due to the 1 ppt reduction in the structural buffer requirements of all credit institutions by removing the systemic risk buffer and adjusting institution-specific requirements; (ii) EUR30 billion in lending capacity due to the decisions of the macroprudential supervisors of other countries; (iii) No amount/estimate: 17 February 2021, FIN-FSA amended its regulations and guidelines related to the common reporting framework and EU Capital Requirements Regulation to reflect European Banking Authority (EBA) COVID-19 related guidelines.

02C - Loan guarantees EUR2,080,000,000 USD2,300,884,956

20 March 2020, (i) EUR600 million of state guarantee for Finnair. On 20 May 2020, the fund was finally established for a maximum loan guarantee fund of EUR540 million (the EU Commission authorized only a 90% guarantee on loan, nevertheless, added in the amounts column is the EUR600 million, the total loans available under this fund); (ii) EUR600 million of state guarantee for shipping companies; (iii) No amount/estimate: 7 May 2020, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%.(iv) 11 June 2020, EUR880 million, state guarantee for loans and interest from the Employment Fund.

03 - Direct long-term lending info_outline EUR14,746,880,000 USD16,312,920,354
03A - Long-term lending info_outline EUR14,746,880,000 USD16,312,920,354

(i) April 2020, EUR10 billion to expand Finland’s Export Credit Agency's lending and guarantee capacity to small and medium enterprises. As of 1 May 2020, the amount increased to EUR14.2 billion. (ii) No amount/estimate: 20 March 2020, Easier reborrowing of pension contributions allowed; (iii) 12 March 2021, The EC has State of EUR351.38 million hybrid loan for Finnair, a major airport operator for damages suffered between 16 March 2020 and 31 December 2020 due to the travel restrictions necessary to limit the spread of the virus; (iv) 17 March 2021, The EC has approved the State aid of EUR33 million subordinated loan for Finavia, a major airport operator; (v) 1 April 2021, The EIB and Finnvera signed an agreement on a guarantee program which will enable Finnvera (Finland's official Export Credit Agency (ECA)) to grant a total of EUR650 million of working capital and investment loans, mainly for the financing needs of large enterprises. This funding will have a 75% EIB guarantee and will be in force until the end of 2021.

03B - Forbearance
04 - Equity support info_outline EUR710,500,000 USD785,951,327

(i) 6 June 2020, Further capital funding of EUR250 million is proposed for Tesi (Finnish Industry Investment Ltd), to increase equity financing for companies ; (ii) 6 June 2020, Capital funding of EUR 150 million is proposed for strengthening the balance sheet of Finnish Minerals Group; (iii) 10 June 2020, The EU Commission approved Finland's plans to contribute to the recapitalisation of Finnair, amounting to EUR286 million through the subscription of new shares by the State in the rights issue launched by Finnair on 10 June 2020 in the context of the coronavirus outbreak; (iv) 15 June 2020, EUR24.5 million of investment support for NordFuel Oy's Haapevesi biorefinery project for large renewable energy demo projects.

05 - Health and income support EUR29,409,660,000 USD32,532,809,735
05A - Health support EUR1,075,000,000 USD1,189,159,292

20 March 2020, (i) EUR1 billion for healthcare and testing, protection and medical equipment, public safety and border controls, and research on the coronavirus epidemic, in particular to develop methods for rapid diagnostics and vaccines and a knowledge base for timely decision-making on coronavirus measures, (especially on the exit strategy; (ii) EUR5 million contribution to international non-profit companies working on the development of a COVID-19 vaccine; (iii) No amount/estimate: 27 January 2021, The government decided to amend the Health Insurance Act to allow vaccinations received through occupational healthcare to be reimbursed by Kela, Finland’s Social Insurance Institution. The costs of reimbursement would be paid from state funds. Travel costs related to vaccinations provided by both public and private healthcare services would also be reimbursed; (iv) 25 February 2021, Additional EUR70 million for the procurement of vaccines and advance payments needed to procure them.

05B - Income support EUR28,334,660,000 USD31,343,650,442
05B1 - Tax and contribution deferrals and policy changes EUR4,500,000,000 USD4,977,876,106

20 March 2020, EUR4.5 billion in tax and pension payment deferrals.

05B2 - Tax and contribution rates reduction EUR1,050,000,000 USD1,161,504,425

20 March 2020, EUR900 million in lower pension contributions through the remainder of 2020. As of 1 May 2020, the amount increased to EUR1.05 billion.

05B3 - Subsidies to individuals and households EUR3,834,680,000 USD4,241,902,655

20 March 2020, (i) EUR650 million for grants to SMEs and self-employed; (ii) EUR3 billion for expanded parental allowance, social assistance and unemployment insurance; (iv) No amount/estimate: 5 June 2020, The Government proposes to continue the measures that have secured the livelihoods of jobseekers and entrepreneurs and helped businesses to overcome the worst of the crisis. The measures concern lay-offs and co-operation procedures; the right of laid-off employees and entrepreneurs to unemployment benefit; and start-up funding; (iii) No amount/estimate: 11 June 2020, The exempt amount of the unemployment benefit will be temporarily raised. Eligibility for commuting and relocation allowance for full-time work will be temporarily amended by decreasing the distance required for daily commuting. The aim is to improve the financial security of unemployed persons when they take part-time work or other short-term work in a situation where full-time work is not yet available. Another aim is to help people find full-time work or seasonal work critical for agriculture; (v) 3 September 2020, The government published a fifth supplementary budget proposal for 2020 which included EUR60 million basic income support for persons who have received basic social assistance during the period of restrictions, if they continue to continue to receive basic social assistance during the payment period in autumn 2020; (vi) No amount/estimate: 28 January 2021, The government decided to extend the right of entrepreneurs to claim labor market support until 30 June 2021; (vii) 25 February 2021, Additional EUR61 million for the central government’s share of the earnings-related component of the unemployment benefit and job alternation compensation, and for its share of the basic security component of the unemployment benefit; (viii) 21 April 2021, EUR63.86 million for grants to culture & art professionals; (ix) 7 May 2021, EUR1.2 million for services to promote the re-employment of about 500 former (redundant) staff of Finnair and related companies who lost their jobs; (x) 12 May 2021, The government proposes EUR48 million for the extension of labour market support for entrepreneurs until the end of September.

05B4 - Subsidies to businesses EUR1,274,280,000 USD1,409,601,770

(i) 20 April 2020, EUR250 million grants for sole proprietors for the cost of running business; (ii) 6 May 2020, EUR40 million to support restaurants in employing workers and EUR83 million compensation for the imposed restrictions on activities; (iii) 1 July 2020, EUR4.5 million fund to develop tourism in regions (EUR4 million) and domestic campaign to promote domestic tourism (EUR0.5 million); (iv) 9 July 2020, EUR28.4 million compensation for maritime transport; (v) No amount/estimate: 15 October 2020, the Government has enabled the granting of business development aid in the form of so-called temporary state aid for a maximum of EUR 800,000 per company; (vi) 25 February 2021, (a) EUR23.2 million to support the operation of cargo and passenger vessel shipping companies; (b) addtional EUR5 million for film production companies; (vii) 17 March 2021, The EC has approved the State Aid of EUR249 million capital injection and EUR68 million damage compensation measure for Finavia, a major airport operator; (viii) 18 March 2021, EUR70 million of new compensation to companies for closure of customer premises; (ix) 21 April 2021, EUR63.86 million for culture and art institutions, theatres, museums, cinemas, art education providers, agencies, etc; EUR18.5 million to physical activity and sport clubs and organizations; and EUR85 million to the event production industry in the form of event guarantee; (x) 22 April 2021, EUR356 million for the third application round of business cost support and closure compensation. Business cost support is compensation for the company’s inflexible costs, but it does not compensate for a fall in turnover.

05B5 - Indirect income support EUR280,700,000 USD310,508,850

(i) As of 23 December 2020, EUR209.3 million has been allocated to Finland for the European Agricultural Fund for Rural Development (EAFRD) under NexGenerationEU. Areas supported by the fund include assistance in the setting up of young farmers, agri-environmental and climate measures, assistance for areas facing natural constraints, support for organic farming, protection of biodiversity, investment in the agri-food and forestry sectors, etc. [update]; 25 February 2021, (ii) additional EUR15 million for the operating costs of the Arts Promotion Centre; (iii) additional EUR17.6 million for the operating costs of courts, public legal aid and guardianship districts, the enforcement service and bankruptcy supervision, the Consumer Dispute Board, the National Prosecution Authority and the Criminal Sanctions Agency; (iv) additional EUR1.3 million to ensure that the municipal elections can be carried out safely; (v) additional EUR2.5 million for increasing and developing young people’s recreational and summer activities and to support summer entrepreneurship and working life skills among young people; (vi) additional EUR17.5 million for measures to support vocational education and training; (vii) additional EUR 17.5 million for the development of municipal healthcare and social service structures to better support children, young people and families.

05B6 - No breakdown (income support) EUR17,395,000,000 USD19,242,256,637

(i) 20 March 2020, EUR12 billion in increase in fiscal deficit from automatic stabilizers (4-5.0) percentage points of GDP; (ii) 2 June 2020, EUR5.1 billion (which is part of the fourth supplementary budget of 6 June 2020 amounting to EUR 5.5 billion) focusing on aid to municipalities and measures supporting quick economic recovery. This stimulus package is aimed at boosting demand, improving Finland’s long-term growth prospects, combating climate change, promoting biodiversity, and reinforcing the entire country’s capabilities, resilience, self-sufficiency, and skills and competences. The package also includes measures supporting local government that are intended to secure basic services and alleviate the challenges for local government finances resulting from the virus crisis. The supplementary budget proposal also includes a set of measures to support the wellbeing of children and young people; (iii) 27 August 2020, the Government decided in its fourth supplementary budget for 2020 on the regional allocation of employment appropriations for the management of the coronavirus crisis. A total of EUR60 million was allocated to the Centers for Economic Development, Transport and the Environment (Ely Centers). The appropriations will be mainly used for employment services and training for young people as well as for the development of competencies through training and coaching in cooperation with businesses; (iv) 22 October 2020, Regions to receive over EUR100 million for coronavirus recovery efforts in projects related to: development of the operating environment, business development, RDI activities, preservation and creation of jobs, prevention of youth unemployment and labor market mismatch, and development of skills; (v) As of 23 December 2020, EUR135 million has been allocated to Finland under REACT_EU (Recovery Assistance for Cohesion and the Territories of Europe) of NextGenerationEU. REACT-EU funds are intended to support: job maintenance, including through short-time work schemes and support for the self-employed; job creation and youth employment measures; health care systems; and the provision of working capital and investment support for small and medium-sized enterprises. The additional support will also serve to invest in the European Green Deal and digital transition, as an enhancement to the significant investment in those areas that is already taking place through EU cohesion policy [update].

05C - No breakdown (health and income support)
06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending and reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received EUR344,300,000 USD380,862,832
08A - Swaps info_outline
08B - International loans/grants EUR344,300,000 USD380,862,832
08B1 - Asian Development Bank
08B2 - Other EUR344,300,000 USD380,862,832

(i) 6 May 2021, The EC proposes to support 500 former workers of Finnair in Finland, who lost their jobs due to the impact of the COVID-19 crisis. EUR1.8 million for Finnair will be provided from the European Globalization Adjustment Fund; (ii) As of 23 December 2020, EUR209.3 million has been allocated to Finland for the European Agricultural Fund for Rural Development (EAFRD) under NexGenerationEU [update]; (iii) As of 23 December 2020, EUR135 million has been allocated to Finland under REACT_EU (Recovery Assistance for Cohesion and the Territories of Europe) of NextGenerationEU [update].

09 - International Assistance Provided EUR5,500,000 USD6,084,071
09A - Swaps info_outline
09B - International loans/grants EUR5,500,000 USD6,084,071

(i) 15 April 2020, The Finnish Government agreed to increase funding for the World Health Organization (WHO) to EUR5.5 million; (ii) No amount/estimate: 26 May 2021, Finland will send material assistance to Nepal through the European Union Civil Protection Mechanism to tackle the COVID-19 crisis. The material assistance will include face masks, protective visors, protective gloves and medical gowns.

10 - No breakdown
11 - Other Economic Measures

(i) 9 July 2020, Amendments to pharmaceutical legislation to allow Ministry of Social Affairs and Health has the right to temporarily restrict or authorize the prescription and dispensing of medicines intended for treating infectious diseases.

12 - Non-Economic Measures
12A - Measures affecting travel and transport (local and international)

16 March 2020, The government invoked the Emergency Powers Act, which was used to close borders, restrict domestic movements, and expand service obligations of essential health-, social services-, and security personnel. Restrictions to and from the region of Helsinki were lifted on 14 April 2020. On 4 May 2020, the government announced a plan to lift broad restrictions in favor of more targeted containment measures, including: on 14 May 2020, resumption of primary and lower secondary school and cross-border movement of essential traffic; on 1 June 2020, reopening of restaurants and public facilities and limits on public gatherings increased from 10 to 50 people; on 31 July 2020, resumption of public events with more than 500 people. Effective 16 June 2020, the government repealed the use of powers under the Emergency Powers Act, declaring that the country is no longer in a state of emergency. Barring any significant setbacks, the restrictions on gatherings will be lifted altogether on 1 October 2020. On 23 June 2020, the government announced the lifting of internal border control and restrictions on traffic between Finland and countries with similar incidence of COVID-19 with a limit value of 8 new cases per 100,000 persons in the previous 14 days. As of 13 July 2020, travel between Finland and non-EU countries on the ‘green list’ approved by the Council of the European Union will be permitted subject to restrictions which depend on the incidence of COVID-19. On 18 August 2020, the government reinstated travel restrictions on traffic between Finland and several countries based on their 14-day incidence rates. This is in addition to entry restrictions for three countries introduced on 6 August 2020. The government adopted on 11 September 2020 a decision to continue internal border checks and restrictions on border traffic, which entered into force on 19 September 2020 and will continue through 18 October 2020. The government also adopted a resolution on a hybrid strategy for cross-border traffic and travel which requires a rapid increase in cross-border testing capacity and analysis by 10,000 tests/day. This would allow a more flexible approach to border restrictions. On 24 September 2020, the government reintroduced travel restrictions between Finland and several Schengen area countries. On 19 November 2020, the government decided to extend till 13 December 2020 the entry restrictions into Finland due to the acceleration of the COVID-19 epidemic elsewhere. The government continues to recommend that Finnish citizens and residents avoid unnecessary travel to high-risk countries. On 10 December 2020, the government prolonged the current entry restrictions to 12 January 2021, due to a surge in the number of Coronavirus cases in many countries worldwide. Finland continues to restrict entry for all internationals wishing to enter the country from the following select Schengen states. On 22 January 2021, The government decided to tighten internal and external border traffic and recommendations on testing and quarantine. On 11 February 2021, Entry from Iceland is no longer restricted, but entry restrictions will again apply to residents of Rwanda arriving from Rwanda. The opening hours of certain border crossing points on the western border in Lapland and the eastern border will be limited. The restrictions will take effect on 15 February 2021 and will remain in force until 25 February 2021. 19 February 2021, With the approval of the amendments to the Communicable Diseases Act, the number of passengers allowed on public transport could be reduced if regional authorities deem such changes necessary. 11 March 2021, the Government decided to extend the restrictions on entry into the country until 17 April 2021. 25 March 2021, The Government submitted a proposal that would place temporary restrictions on freedom of movement and close contacts and introduce a mask mandate in the areas worst affected by COVID-19. 31 March 2021, Restrictions on entry into the country was further extended until 30 April 2021. 22 April 2021, Restrictions on entry into the country was further extended until 26 May 2021. 20 May 2021, Restrictions on entry into the country is extended until 15 June 2021 with the following amendments: (a) restrictions will be lifted for residents of border communities between Finland and Norway; and beginning 24 May 2021, (b) restrictions on entry will be lifted for residents of Israel; and (c) restrictions on entry will be reinstated for residents of Thailand. Restrictions have been lifted earlier for traffic arriving in Finland from the Vatican, and for traffic between Finland and Australia, South Korea, Singapore, Rwanda, Thailand and New Zealand for residents of these countries. 26 May 2021, Finland has made available its digital COVID-19 vaccination certificate which contains information of the COVID-19 vaccinations received by certificate holders. 6 August 2021, Restrictions on entry to Finland is lifted for residents of Saudi Arabia and Singapore while restrictions on entry will be reinstated for residents of Australia, Brunei and Ukraine [update]. 1 September 2021, People arriving in Finland, except those coming from countries or regions where the incidence of COVID-19 or prevalence of virus variants does not pose a particular risk od spreading the pandemic, will be required to have a reliable certificate of recovery from COVID-19 within the past six months, of a full vaccine course or of a negative COVID-19 test taken before arrival in Finland [update]. 16 September 2021, The existing restrictions on entry at external borders will be extended until 10 October 2021. However, people may still enter Finland from all countries upon presenting an approved certificate of a full course of vaccination [update]. 16 September 2021, Restrictions on entry will be reinstated for residents of Singapore in traffic arriving in Finland from Singapore beginning 20 September 2021 [update].

12B - Measures affecting business and workplace

(i) 13 August 2020, the government adopted resolutions on recommendations for wearing face coverings and face masks, and for remote work. (ii) 22 October 2020, The government has imposed new restrictions on the opening and licensing hours of food and beverage service businesses [update from 8 October 2020]. 20 November 2020, restrictions on the activities of food and beverage service businesses in five regions will continue due to their epidemiological conditions; (iii) 19 February 2021, The parliament has approved changes to the Communicable Diseases Act which come into force on 22 February 2021. The amendments provide municipalities and Regional State Administrative Agencies (Avi) with more powers to impose regional restrictions. Regions will then be able to close both publicly and privately-owned sports facilities, such as gyms and swimming pools. The number of customers allowed inside retail premises at any one time could be reduced, if regional authorities deem such changes necessary; (iv) 9 March 2021, Restaurants and other food and beverage service businesses were closed in areas where COVID-19 epidemic situation is the most serious. 28 March 2021, The closure was extended until 18 April 2021. 22 April 2021, The government has eased restrictions on restaurants and other food and beverage service businesses in many regions beginning 23 April 2021. 9 September 2021, Restrictions on the number of customers or the opening and licensing hours of food and beverage service businesses will be removed in Central Finland beginning 10 September 2021 as the region returns to the baseline restrictions [update]. 14 September 2021, From 16 September to 31 October 2021, opening and licensing hours of food and beverage service businesses will extend by one hour. In areas where the epidemic is at a stable level, customers will no longer be required to have their own seats in indoor premises [update].

12C - Others

(i) 10 December 2020, The Government adopted a resolution on Finland's COVID-19 vaccine strategy: Vaccination will be offered based on medical risk assessments with priority given to healthcare and social welfare workers caring for COVID-19 patients, homecare workers, elderly persons, and persons at high risk for severe disease due to underlying health conditions. Finland is participating in the European Union's joint vaccine procurement; (ii) 1 March 2021, The goverment declares a state of emergency due to the very rapid rise in COVID-19 cases. At this stage, there is no immediate need to adopt the powers laid down in Part II of the Emergency Powers Act, which restrict the fundamental rights of citizens, but the need to introduce them will depend on how the epidemic progresses in the near future; (iii) 5 March 2021, The government has issued a decree to Parliament on bringing into force four sections of the Emergency Powers Act to tackle the worsening coronavirus situation. These sections include: 106, which centralizes responsibility for communicating about the crisis with the Prime Minister's Office; 107, which allows the government to decide which authority should decide on a matter if there is any ambiguity; 86, which allows the government and Regional State Administrative Agencies (Avi's) to order both public and private healthcare providers to make changes to their operations; and 88 which gives municipalities the right to waive certain obligations on healthcare, health protection and social services. 25 March 2021, The Act was amended to order compulsary health examinations. People who have been exposed to a communicable disease will be required to provide information about themselves. The amendent will enter into for on 29 March 2021; (iv) 22 April 2021, The government proposes extension of the temporary derogations in the administrative branch of the Ministry of Transport and Communications to ensure that maritime transport could continue and flexibility could be included in the provision of public transport services; (v) 27 April 2021, The government has decided to lift the State of Emergency and cease the use of powers of under the Emergency Powers Act; (vi) 10 May 2021, The government has decided to discontinue the nationwide tiers of COVID-19 prevention measures. Going forward, COVID-19 prevention in Finland will focus on regional restrictions and recommendations; (vii) 6 September 2021, The government has launched a new COVID-19 hybrid strategy that aims to have all restrictions lifted once 80% of the population is fully vaccinated. The objective is to reopen society, promote measures to keep it open, support post-epidemic management and create conditions for economic growth and reconstruction [update]; (viii) 14 September 2021, The government has approved an updated Covid-19 testing and tracking strategy which is aimed at reducing the volume of tests being carried out as well as improving tracking efforts. Under the updated strategy, testing will focus on people who have been exposed to the virus as well as unvaccinated symptomatic individuals and those who are vaccinated but at elevated risk from infection [update].