The corona crisis is costing the federal government up to 1.32 trillion euros, and the debt level is climbing to a new record.
The pandemic will also be expensive for the countries.
Berlin - The number is staggering: 1.32 trillion euros.
That is the sum to which the corona debts amount according to internal documents of the Federal Ministry of Finance.
This emerges from a report in the
Handelsblatt
.
A small consolation is that state guarantees are also included, which do not necessarily have to be paid.
Corona crisis: 452 billion euros against the consequences of the pandemic
In the three years from 2020 to 2022, the federal government will incur new debt of 452 billion euros.
This year alone it is 240 billion euros.
This emerges from the key points for the 2022 budget and the draft for the supplementary budget 2021, which Federal Finance Minister Olaf Scholz (SPD) presented on Wednesday.
Nevertheless, the Federal Minister of Finance sees himself on the right track.
"With a good financial policy, we are effectively counteracting the crisis," explained Scholz in Berlin.
"We are taking the necessary means in hand to cope with the economic and financial consequences of the pandemic."
The federal government's debt is increasing enormously, from 1.3 trillion euros before the outbreak of the corona pandemic to 1.75 trillion euros after the end of the crisis - if everything goes as planned.
Corona crisis: procurement of vaccines costs billions
90 billion euros flowed in aid for companies and the self-employed.
25 billion euros are due for short-time work benefits.
In addition, the federal government has lowered or deferred taxes and launched an economic stimulus program worth 160 billion euros.
Higher expenditure is planned for the health system, for example for the equipment of the hospitals and the procurement of vaccines.
43 billion euros are planned for this year alone.
To make matters worse, tax revenues are falling due to the economic crisis.
Corona crisis: Federal states' debts are not increasing as much
The federal states also have to bleed, but not to the same extent as the federal government.
In 2020 they made new debts totaling 108 billion euros.
This year it should be “only” 25 billion euros.
It is still uncertain how high the actual debt will be.
Because the federal and state governments have entered into guarantees and sureties amounting to 833 billion euros.
Should there be a wave of bankruptcies, the loans that were granted must be written off or one must pay for the default.
The money would then be gone.
