The coronavirus could cost Switzerland CHF 40 billion by the end of 2020, according to the Federal Council.
On 11 June 2020, the Council of States, Switzerland’s upper house followed parliament in approving to extend the coronavirus budget by CHF 14.9 billion. The sum includes money to fund a hole in the unemployment benefits system (14.2 billion) and support the sporting industry (0.2 billion).
In May 2020, parliament approved an overall sum of CHF 57 billion. So far, CHF 16 billion has been allocated, much of it as loans to small and medium businesses.
The recent approval of CHF 14.9 billion brings the total to nearly CHF 31 billion. The Federal Council estimates the total will reach CHF 40 billion by the end of 2020, a sum within the original CHF 57 billion envelope.
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