COVID-19 recovery fund veto ‘could cause employment tragedy in Europe’

Hungary and Poland’s veto of the bloc’s pandemic recovery fund could cause unemployment levels to explode.

According to the European Trade Union Confederation (ETUC), 40 million people have benefited from temporary unemployment schemes due to coronavirus.

And this is in addition to the 20 million who are already unemployed.

Luca Visentini, ETUC’s general secretary, told Euronews that this economic downturn is far worse than in 2008.

“If you compare these figures with the effect in terms of unemployment from the financial crisis a few years ago, it is three times the size, in terms of impact,” Visentini said.

“So I mean, if the emergency measures and then investment do not come very quickly, then the risk is that we will have an employment tragedy exploding in Europe and also many many companies going bankrupt. So it is really really time for action.”

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