So far this year, the Norwegian government has spent NOK 126.3 billion on corona measures, new figures show. The sum is relatively lower than previously thought.
“Several of the implemented measures in the first phase will cost significantly less than estimated,” the government wrote in the proposal for a new crisis package in connection with the virus outbreak.
The new measures proposed for the autumn will cost NOK 6.1 billion – these are included in the total price tag of about 126 billion.
The government writes that there are several reasons why the cost estimates are declining.
“The measures were designed at a time of great uncertainty. In retrospect, the adverse effects have been smaller than what we feared, and the economic development has been better than expected,” the government noted.
Among other things, the need for the support scheme for Norwegian companies has been adjusted downwards by about NOK 23 billion.
Correspondingly, the need for funds for the wage support scheme has been reduced by NOK 3.3 billion.
In the new crisis package proposal, the government will set aside around NOK 6 billion for new measures in 2020.
“The crisis is not over, but we are in a different phase compared to this spring. It requires us to change the mode of crisis management.
We must make better arrangements for activity and restructuring. We must look ahead to the more long-term challenges we face to a greater extent,” Minister of Finance Jan Tore Sanner (H) warned.
Most of the new measures now being proposed by the government are already known.
NOK 1.9 billion will be set aside to stimulate activity in the culture, volunteering, and sports sectors, and NOK 1.5 billion will compensate for the loss of income in public transport.
Tourism support scheme
Money is also set aside for new tourism industry measures, including a separate compensation scheme for the tourism industry and the continuation of the restructuring scheme.
On Monday morning, the Minister of Trade and Industry Industry Iselin Nybø announced that a narrower and more targeted scheme would eventually replace the broad and general support scheme for crisis-hit companies.
The money from this scheme will be paid out in 2021.
“The old scheme applies to the business community in general. The new one will apply to tourism and the industries related to it,” Nybø (V) told news bureau NTB.
© NTB Scanpix / #Norway Today