The European Union’s 27 member states reached an agreement to put forth a €750 billion coronavirus pandemic recovery fund.

The European Union’s 27 member states reached an agreement to put forth a €750 billion coronavirus pandemic recovery fund. The economic stimulus package comes as the U.S. is also negotiating a deal on its fourth stimulus package of between $1 and $3 trillion that would provide additional support to businesses on the road to recovery.

While individual EU countries have developed their own economic recovery plans, this new stimulus package is focused on providing relief to the 27 member states that make up the European Union. The “frugal four” states of Austria, Denmark, Sweden and the Netherlands pushed for the European Commission’s initial proposal to be reduced from €500 billion to €350 billion. The member states eventually agreed that the €750 billion recovery fund would be used to provide non-repayable grants to the countries most affected by the pandemic.

European Commission president Ursula von der Leyen boasted that the hard-won deal came after nearly 90 hours of negotiations. As part of the deal, the “frugal four” will receive increases in the rebates they receive on their budget contributions. Additionally, if any doubts arise around whether the reforms are being properly implemented by member states, any EU leader can halt the disbursement of funds and call member heads of state to debate the matter.

Leaders also had to work out the details of the EU’s seven-year budget that is set to begin in 2021, which is likely to face further debate. Overall, this was a significant measure to help the European economy rebound, restore jobs and ignite much-needed economic growth.