Vienna presents massive stimulus package to reinvigorate local economy
The city will invest some 600 million euros in key sectors that will get the economy moving again after COVID-19
- October 23, 2020 21:30
- Anton Stoyanov
Vienna’s local government has announced a new stimulus package that is meant to substantially bolster key parts of the city’s industry and infrastructure as it seeks to recover from the economic catastrophe of the COVID-19. Authorities in the Austrian capital have already launched a number of programmes that have helped locals stay afloat but what sets the new investment package apart is the fact that on top of answering immediate needs it also boast long-term and far-reaching objectives.
Providing funding wherever it is needed
On an annual basis, Vienna usually invests more than 2 billion euros in different projects. Just prior to the coronavirus pandemic, the local government had managed to push that number all the way up to 2.5 billion, in addition to the 400 million euros of different aid packages that bolstered the local social and healthcare system.
On top of this funding, yet another 600 million euros are now being poured into the local economy, as announced by the city’s government. Thanks to this cash infusion, some 300 projects will be able to be implemented ahead of time. They include areas such as educational infrastructure and kindergartens (156 million euros), Viennese sports facilities and swimming pools (around 150 million euros), road and bridge infrastructure (around 112 million euros), public transport (around 110 million euros) and Viennese retirement homes (around 72 million euros). Over half the package is funded by the city itself (equating to around 360 million euros) while the rest is delivered through Austria’s federal municipal package.
Explaining the action undertaken by the city, Mayor Michael Ludwig stated that "Vienna is fighting the crisis with all our might. That is why we are taking money into our hands and consciously investing in the areas of services of general interest, social services, infrastructure and sport. We are thus placing the future of the city on a solid foundation."
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