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COVID-19 Germany Update

The different lock-down measures in light of the coronavirus epidemic have, at times, suspended operations in specific markets and slowed down movement in others. This article takes a retrospective view on the types of initiatives Germany has implemented and the current results now that the nation is on its way to fully reopen.

Restorative actions

COVID-19 aid has taken 3 main forms:

Immediate fiscal impulse

Public investment, subsidies, retraction of certain charges and standardized contributions.

Deferrals Postponement of certain installments, inclusive of taxes and social security contributions. This manoeuvre allowed for the preservation of liquidity positions while holding people’s accountability.

Other liquidity provisions and guarantees

Export guarantees, liquidity assistance, credit lines via banks.

According to Bruegel’s calculation, the state fiscal measures adopted in response to coronavirus by 16 April 2020*, % of 2019 GDP are:


On the report of Reuters dated May 13th, KfW received loan applications from more than 36,600 companies which requested a total sum of 33.4 billion euros. The state development bank approved 19.3 billion euros, or 58% of the total sum, but it also approved 99% of all loan applications.

Hence, some requests are still in the process and waiting disbursement.

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