Govt beefs up coronavirus crisis funding for companies

Prime Minister Sanna Marin announced on Wednesday an additional one billion euros for assisting the country's enterprises hit by the coronavirus pandemic.

The funding is part of a four-billion-euro supplementary budget announced on the same day, which also includes 600 million euros for procurement of medication and protective gear.

Marin also said at a press conference that the government will set up an expert group to manage the recovery of the country's economy.

She listed support of the welfare state, social justice and ecological sustainability as underlying principles. Recovery should also heed the needs of the different generations, she emphasized.

The government expects the Finnish economy to shrink by 5.5 percent this year as both international and domestic demand will decline.

The projections are based on the assumption that the current restrictive measures would not exceed three months. On Tuesday, however, the Bank of Finland warned that the country's economy may contract by 13 percent if the crisis continues into autumn.

Responding to questions, Marin was not willing to specify a deadline for lifting the restrictions. She said it would depend on the epidemiological situation and the way the population gains immunity, as well as on the availability of intensive care capacity.

Current restrictive measures include the isolation of the province of Uusimaa, which includes the capital Helsinki, until May 19, restriction of international travel until mid-May, and closure of restaurants until the end of May. Most schools are also closed.

As of Wednesday afternoon, Finland had confirmed 2,487 coronavirus infections. Forty patients have died and 82 are in intensive care, according to the Finnish Institute for Health and Welfare (THL).