COVID-19 measures: Status of disbursements and international comparison

The COVID-19 pandemic has had a significant impact on the global economy. Lockdowns and legal closures as well as the resulting demand shock have created the need for extensive government support measures to ensure the solvency and liquidity of companies and private household income, as well as to prevent a massive increase in unemployment. Internationally, governments have taken various measures that have had different effects on the economy and budgets. In view of the diversity of the instruments used, this brief study examines how the aid offered compares internationally.

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Overall, Austria has adopted a very high level of support measures compared to other countries in order to help employees and companies through the crisis. According to the available evaluations by the European Commission, the most extensive measures were taken in Austria cumulatively for 2020 and 2021. Furthermore, there is no other country in the EU-27 that has adopted a larger package and at the same time has higher automatic stabilizers than Austria. Against the backdrop of the relatively strict measures at the beginning of the pandemic and the new measures from November onwards, these were important steps to strengthen income and liquidity and help ensure the smoothest possible transition for the post-crisis period. However, against the backdrop of the development of public debt and the challenges associated with the ageing of society and combating climate change, among other things, consistent consolidation following the crisis is necessary. This strengthens sustainability and confidence in public finances and provides the scope to respond effectively to crises in the future.