Other ADB Members
Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline||
No amount/estimate: The Oesterreichische Nationalbank (OeNB) has declared readiness to supply sufficient cash to banks, ATM operators, and the economy in response to increased withdrawals. Working hours were extended to meet the increased demand.
|01C - Forex operations info_outline|
|02 - Credit creation info_outline||EUR9,000,000,000||USD9,955,752,212|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate reductions|
|02B2 - Other policies to support long-term lending|
|02C - Loan guarantees||EUR9,000,000,000||USD9,955,752,212||
EUR9 billion in credit guarantees.
|03 - Direct long-term lending info_outline||EUR150,000,000||USD165,929,204|
|03A - Long-term lending info_outline||EUR150,000,000||USD165,929,204||
6 July 2020, EUR150 million subordinated loan from the Austrian government to support Austrian Airlines for damages suffered due to coronavirus outbreak. This loan is convertible into a grant depending on the full-year results of Austrian Airlines.
|03B - Forbearance||
No amount/estimate: Austrians are allowed to defer interest payments on bank loans. 2 June 2020, Extended the loan deferrals available for private and micro-enterprises by four months, which allows beneficiaries to defer repayment obligations for principal or interest payments without suffering legally.
|04 - Equity support info_outline|
|05 - Health and income support||EUR68,659,400,000||USD75,950,663,717|
|05A - Health support||EUR339,000,000||USD375,000,000||
(i) Additional capacities for mobile and stationary care (EUR100 million); (ii) EUR60 million are granted to the health system; (iii) EUR 130 million are given to hospitals for equipment and to finance over-time payments; (iv) EUR36 million are disbursed to incentivize eligible research on COVID-19 by Austrian firms; (v) EUR13 million on medical supplies.
|05B - Income support||EUR68,320,400,000||USD75,575,663,717|
|05B1 - Tax and contribution deferrals and policy changes||EUR10,500,000,000||USD11,615,044,248||
(i) EUR10 billion for payment deferrals of personal income and corporate income taxes; (ii) 21 May 2020, new fiscal measures including tax relief measures for the hospitality sector of EUR500 million have been released by the Government; (iii) 12 June 2020, Tax deferrals have been extended until 15 January 2021; (iv) To jump-start the economy, a new tax incentive was introduced for companies that recruit apprentices, with EUR2,000 per position created between 16 March and 31 October of this year.
|05B2 - Tax and contribution rates reduction||
(i) 12 June 2020, Reduced VAT to 5% to support the catering trade, the cultural sector and the publishing sector; (ii) 16 June 2020, reduced the lowest income tax bracket tax level from 25% to 20%. As of 30 July 2020, this was announced to be retroactively applied from 1 January 2020. There will also be a loss carryback, with business losses being offset against profits in 2019 and 2018, so that some of the deferred taxes may not have to be paid back at all; (iii) Increase in rates: 30 June 2020, Increased the top tax rate of 55% for incomes from EUR1 million until 2025.
|05B3 - Wage support and subsidies to individuals and households||EUR12,189,000,000||USD13,483,407,080||
(i) No amount/estimate: rent payment deferrals; (ii) No amount/estimate: 13 May 2020, proposed a more simple calculation method to determine monetary subsidies by companies to their employees from their own accounts and from the government's funding. Under the new system, no employee should have any losses; (iii) 20 May 2020, Increased to EUR12 billion (from EUR10 billion on 13 April 2020 and EUR5 billion originally) funds for short-time working, self-employed and funds to finance increased costs of caretaking, etc.; (iv) 28 May 2020, Allocated EUR90 million to support freelance artists up to EUR1000 a month; (v) 17 June 2020, Reserved EUR30 million for childcare in the summer from the municipal package; (vi) 26 June 2020, Allocated another EUR30 million to Family Crisis Fund to support low income families, with the amounts to be transferred on 13 July 2020. As of 16 July 2020, this amount has been increased to EUR60 million; (vii) 30 July 2020, an additional bonus of EUR360 per child will be given on 30 September 2020 for each family eligible for family allowance; (viii) 30 July 2020, In order to relieve employees who do not receive taxable income (up to EUR11,000), the traffic tax credit has been increased from a maximum of EUR300 to a maximum of EUR400. This covers commuting expenses from work to home; (ix) 30 July 2020, The SV reimbursement (for social securtiy contributions) will also be increased from EUR300 to EUR400. This applies from the assessment for the calendar year 2020; (x) EUR124.7 million was approved to relieve operators (EUR115.7 million, reflected in 5B4) and passengers (EUR9 million) of costs related to the operation and use of the railway network.
|05B4 - Subsidies to business||EUR32,631,400,000||USD36,096,681,416||
(i) EUR15 billion emergency funds for hard-hit industries to provide direct liquidity provisions and subsidies for running costs. On 27 April 2020, expanded Phase 2 of the hardship fund, through which SMEs may request up to 6000 Euros from the government. As of 22 September 2020, the total budget for this measure has been increased to EUR19 billion; (ii) Support to non-profit organizations in the form of subsidies totalling EUR700 million; (iii) No amount/estimate: 21 May 2020, Applications for the fixed subsidy have already started, with the first payments being disbursed by end of May. The Ministry of Finance will reimburse up to 75% of a company's fixed costs for up to 3 months. 16 June 2020, extended Austria's fixed cost subsidy; (iv) 27 May 2020, increase in the minimum payment amount of the hardship fund to EUR500, and added another EUR500 comeback bonus, dedicated to entrepreneurs having hardships during the pandemic; (v) 6 August 2020, another EUR665 million Austrian scheme to support non-profit organisations (NPOs) and their related entities in the context of the coronavirus outbreak; (vi) 24 August 2020, Extended the fixed cost subsidy for businesses, doubled the length of time it can be received and reduced application requirements. As of 3 September 2020, the rate has also been increased to 100% (versus 75% in the initial version); (vii) 25 November 2020, The European Commission approved an Austrian government scheme providing EUR150.7 million in direct grants to the rail freight sector as support in light of difficulties caused by the coronavirus pandemic. Further, an additional EUR124.7 million was approved to relieve operators (EUR115.7 million) and passengers (EUR9 million, reflected in 5B3) of costs related to the operation and use of the railway network; (viii) 26 November 2020, EUR12 billion in total across two schemes approved by the European Commission (Fixkostenzuschuss Phase I and II), to compensate companies for damages and fixed costs due to the coronavirus.
|05B5 - Indirect income support||EUR1,000,000,000||USD1,106,194,690||
(i) 25 May 2020, EUR1 billion in grants from the federal government to municipalities, geared towards support for infrastructure investment (e.g. schools, public transportation, energy production).
|05B6 - No breakdown (income support)||EUR12,000,000,000||USD13,274,336,283||
(i) 16 June 2020, fiscal package was increased by EUR12 billion to include stimulus measures, including investment in climate protection, affordable housing, digitalisation and a one-off support for unemployed and families. Several specific tax relief measures are aimed at the agricultural and forestry sectors, culture and publishing.
|05C - No breakdown (health and income support)|
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending & reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received|
|08A - Swaps info_outline|
|08B - International loans/grants|
|08B1 - Asian Development Bank|
|08B2 - Other|
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown|
|11 - Other Economic Measures||
(i) On 18 March 2020, the Financial Market Authority prohibited short sales for one month following the massive drop in prices on the Vienna Stock Exchange due to betting on covered share price losses and and extended the prohibition to 18 May 2020 on 16 April 2020; (ii) No amount/estimate: 18 May 2020, Ended the restrictions on short sales beginning midnight of the same day; (iii) 16 June 2020, To incentivize companies to buy capital goods, added a degressive depreciation option for an unlimited period, up to 30% of an investment good should be written off in the first year.
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) The authorities have progressively tightened containment measures between mid-March and mid-April. Initially targeted to travel to and from Italy and self-quarantine for people with symptoms, lockdowns became stricter and stricter and covering more countries as the situation developed; (ii) By 16 March 2020, leaving home was banned by law with limited exceptions; (iii) The re-opening process is expected to last through June though some steps were accelerated recently due to low infection rates, such as the reopening of the borders with Germany, Switzerland, Lichtenstein, Czech Republic, Slovakia, and Hungary from 5 June 2020; (iv) 16 June 2020, travelling restrictions were lifted for most European countries.
|12B - Measures affecting business and workplace||
(i) For all judicial and administrative procedures, the clock was put on hold to avoid hardship due to missed deadlines; (ii) 13 April 2020, gradual re-opening of the economy has started, from small shops, construction and garden centers, while other stores and hairdressers were allowed to open at the beginning of May; (iii) Open air markets and business premises are exempted from the mandate on mouth and nose protective masks since 1 June 2020; (iv) The authorities eventually announced a 4-week partial lockdown effective on 3 November 2020. Compared to the first lockdown, the second lockdown is relatively more lenient. While restaurants and bar are ordered to be closed, non-essential shops, hairdressers, and schools remain open.
|12C - Others||
(i) Anti-COVID19 measures progressed to bans on large gathering in public spaces, replacing schools, and university classes with home learnings, and isolation of several ski resorts; (ii) By mid-May when religious services, outdoor sports, museums, libraries, and archives reopened, the Bundesliga was allowed to restart; (iii) 15 June 2020, the standing obligation for all persons to wear a face mask was limited to public transportation, pharmacies and services when a 1-meter distance cannot be maintained, or no other protective measures are available; (iv) 24 July 2020, pickup in the infection rate in some areas has prompted the authorities to tighten previously relaxed containment measures such as mandatory mask wearing in some areas; (v) In September 2020, this tightening extended to indoors and public institutions; (vi) The authorities eventually announced a partial second lockdown between 3 November and 6 December 2020. Industry and manufacturing continue to open while restaurants, bars, non-essential shops, hairdressers, and schools are closed. This lockdown was subsequently tightened from 17 November 2020. [update]