France raised its coronavirus response measures to nearly 136 billion euros ($154.6 billion) on Wednesday, bringing the cost to 5.6% of GDP in its third budget revision so far this year.
GOVERNMENT IS MOBILISING 460 BILLON EUROS
The government had put the cost at 110 billion euros in April but has since had to make upward revisions to take account of falling tax revenue and extra spending, it said in its budget update.
Combined with various financing guarantees the state has extended to companies and EU institutions, Finance Minister Bruno Le Maire said the government was mobilising a total 460 billion euros, or 20% of GDP.
“This response is perfectly comparable with what other countries are doing, including Germany,” Le Maire told lawmakers on the lower house of parliament’s finance committee.