Austria Introduces Massive Aid Package in Fight Against Inflation

The government of Austria on Tuesday introduced a relief package worth €28 billion ($29.3 billion) to combat the soaring inflation that is being felt around the world.

Chancellor Karl Nehammer called the move a "historic step" that will be imperative to the most disadvantaged.

Eurozone inflation is currently at 8.1%, and experts have warned that it could remain that high for some time. In order to support those hardest hit by the skyrocketing prices of fuel and consumer goods, the package includes one-time payments and changes to the tax code so that tax payouts are adjusted for inflation. The one-time payments are set to go out to all residents and would go up to €1,000.

Another measure would from 2023 link social service payments to the inflation rate.

Lawmakers hope to expedite another set of one-time payments for €300 to low-income individuals and families, the unemployed, and the retired.

The new regulations would be in place until at least 2026, according to Finance Minister Magnus Brunner. The government, a coalition between the conservative Austrian People's Party (ÖVP), and the Green Party, is planning to finance the package through targeted revenue hikes.

You can read this article as it originally appears at Deutsche Welle here.

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This article originally appeared at Deutsche Welle.