European Union leaders reached agreement on a €750 billion stimulus plan for their coronavirus-hit economies on 21 July at the end of fractious negotiations that lasted nearly five days. The news, announced at dawn by EU Council president and summit chairman Charles Michel, will see Italy receive €208.8 billion in grants and loans as part of the massive stimulus package.

Italian premier Giuseppe Conte said: "We are satisfied with the approval of an ambitious relaunch plan, which will allow us to confront the crisis with strength and effectiveness." The emergency fund will give out €390 billion of grants and €360 billion of low-interest loans to EU member states, with Italy among the biggest beneficiaries of the recovery plan.