Coronavirus: Huge economic rescue plan agreed by EU leaders

A plan for injecting billions of euros of emergency aid into Europe’s battered economies has been agreed by EU heads.

Meeting via video, they agreed to set up a massive recovery fund, closely tied to the bloc’s seven-year budget.

They also confirmed that €540bn (£470bn) of financial support would be released through existing mechanisms from 1 June.

European Commission chief Ursula von der Leyen said the fund would mobilise €1 trillion of investment.