EU leaders reach deal on €750 billion coronavirus recovery package

Following the fourth night of talks, EU leaders have struck a deal on a huge post-coronavirus recovery package involving €750 billion in grants and loans to counter the impact of the pandemic in the 27-member bloc. The deal includes as well as a seven-year €1 trillion EU budget.

Member states were split between those hit hardest by the outbreak -- Spain and Italy --, and those more concerned about the costs of the recovery plan --Sweden, Denmark, Austria, the Netherlands and Finland. While the first group wanted a minimum of €400 billion in grants, the later set €375 billion as their upper limit.

The €390 billion figure was suggested as a compromise, and "frugal" nations were reportedly won over by the promise of rebates on their contributions to the EU budget.