REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE ECONOMIC AND FINANCIAL COMMITTEE AND THE EMPLOYMENT COMMITTEE Report on the European instrument for Temporary Support to mitigate Unemployment Risks in an Emergency (SURE) following the COVID-19 outbreak pursuant to Article 14 of Council Regulation (EU) 2020/672 SURE: One Year On
Date: 2021-09-22
Institutions: Directorate-General for Economic and Financial Affairs, European Commission
Subjects: EU aid, EU financial instrument, coronavirus disease, economic consequence, emergency aid, employment aid, epidemic, fight against unemployment, self-employed person, social impact

EN 

  EN 

   EUROPEAN COMMISSION  Brussels, 22.9.2021  COM(2021) 596 final  REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE ECONOMIC AND FINANCIAL COMMITTEE AND THE EMPLOYMENT COMMITTEE Report on the European instrument for Temporary Support to mitigate Unemployment Risks in an Emergency (SURE) following the COVID-19 outbreak pursuant to Article 14 of Council Regulation (EU) 2020/672     SURE: One Year On  
 
 
EXECUTIVE SUMMARY 

A novel instrument put in place quickly to respond to the socioeconomic impact of the pandemic  

This  report  is  the  second  bi-annual  report  on  the  European  instrument  for  temporary 
Support  to  mitigate  Unemployment  Risks  in  an  Emergency  (SURE).  It  presents  the 
operations and use of the instrument to date and reviews its socio-economic impacts. SURE is a 
crisis instrument, with a size of EUR 100 billion, created by the European Union (EU) to help 
Member  States  protect  jobs  and  workers’  incomes  in  the  context  of  the  COVID-19  pandemic. 
SURE  is  also  a  strong  expression  of  solidarity  across  Member  States  through  the  EU:  all 
Member States agreed to provide bilateral guarantees to the EU so that the Union could borrow 
from the markets at very favourable conditions to finance SURE loans.  

The  implementation  of  the  instrument  was  swift  and  smooth.  As  part  of  the  EU’s  initial 
response to the pandemic, the Commission proposed the SURE Regulation on 2 April 2020, and 
the Regulation was adopted by the Council on 19 May 2020. The financial envelope of EUR 100 
billion  became  available  on  22  September  2020,  after  all  Member  States  signed  the  guarantee 
agreements. The Commission speeded up the implementation of the instrument, working closely 
with  the  Member  States.  Most  of  the  granted  financial  assistance  was  disbursed  in  only  just 
seven  months,  from  October  2020  to  May  2021.  In  June  2021,  SURE  won  the  European 
Ombudsman  2021  Award  for  Good  Administration  in  the  category  citizen-focussed  service 
delivery. 

The  EU  issued  social  bonds  for  the  first  time  to  finance  SURE  financial  assistance  to 
Member States. On top of the requirements of the SURE regulation, this report  also  provides 
the  relevant  reporting  under  the  EU  SURE  Social  Bond  Framework,  in  particular,  on  the 
allocation  of  SURE  proceeds,  type  of  expenditure  and  impact  of  SURE.  It  also  confirms  that 
SURE spending was well aligned with the UN Sustainable Development Goals. 

A large take-up, which has further increased since the first bi-annual report  

The  demand  from  Member  States  for  financial  assistance  under  SURE  has  been  strong, 
including  in  the  first  half  of  2021.  Since  its  introduction,  over  94%  of  the  total  envelope  of 
EUR  100  billion  has  been  allocated  by  the  Council  –  based  on  Commission  proposals  –  to  19 
Member States. In March 2021, after the release of the first bi-annual report on SURE, financial 
assistance was  granted to  Estonia under SURE.  Following the resurgence of the pandemic, six 
Member States already benefitting from SURE (Belgium, Cyprus, Greece, Lithuania, Latvia and 
Malta) made an additional new request for additional funds in mid-March 2021. These requests 
for  top-up  amounts  totalling  EUR  3.7  billion  were  quickly  processed  by  the  Commission  and 
approved by the Council (in end-March and mid-April, respectively).  

The Commission has already disbursed 95% of the total SURE financial assistance granted 
by  the  Council,  via  back-to-back  lending  to  Member  States  based  on  the  issuance  of  EU 
bonds.  After  the  first  bi-annual  report,  between  March  and  May  2021,  the  Commission 
successfully issued a further EUR 36 billion of SURE social bonds on behalf of the EU. Investor 
interest  remained  strong,  despite  more  challenging  market  conditions  compared  with  2020  and 

1 

 
 
the  beginning  of  2021.  This  allowed  further  favourable  pricing  terms.  The  Commission,  on  9 
March  2021,  successfully  carried  out  the  fifth  issuance  of  SURE  bonds of  EUR  9  billion.  The 
sixth issuance of SURE bonds by the Commission on 23 March 2021 consisted of two tranches 
worth  a  total  of  EUR  13  billion.  The  seventh  issuance  of  SURE  bonds,  worth  over  EUR  14.1 
billion,  was  executed  successfully  on  18  May  2021.  The  amount  raised  during  these  three 
issuances by the Commission was disbursed to Member States after 5 working days. The average 
maturity  of  disbursements  to  Member  States  is  14.5  years,  close  to  the  maximum  of  15  years 
provided by the Council Implementing Decisions.  

The use of SURE by beneficiary Member States  

SURE  is  estimated  to  have  supported  approximately  31  million  people  and  2½  million 
firms in 2020. This  accounts for over one quarter of total  employment in beneficiary Member 
States. Specifically, SURE supported approximately 22½ million employees and 8½ million self-
employed in 2020, who were covered by short-time work schemes and similar measures.  

Total  public  expenditure  on  SURE-eligible  measures  has  increased  significantly  since  the 
first  report.  According  to  the  updated  reporting  by  beneficiary  Member  States,  it  is  now 
expected to reach EUR 114 billion, in excess of the 94 billion effectively supported by SURE. 
This highlights the relevance of the measures eligible to SURE from the perspective of Member 
States.  

Planned expenditure only represents 10% of the total expenditure on measures supported 
by SURE, according to the reporting by Member States. This is to be compared with 20% in 
the first bi-annual report in March 2020 and 54% in August 2020 when 17 Member States first 
applied for SURE support. 

16 of the 19 Member States benefitting from SURE have used the support to help finance 
short-time work schemes.  In the first half of 2021, many Member States supported by SURE 
extended  their  short-time  work  schemes  to  respond  to  new  waves  of  the  pandemic.  The  six 
Member States which requested SURE top-ups in early 2021 have either changed the design of 
the  schemes  already  benefitting  from  SURE  or  set  up  new  measures.  As  of  August  2021,  the 
majority of the Member States that used SURE to finance short-time work schemes have not yet 
phased out the support, although some Member States have already discontinued the use of their 
short-time work schemes. 

Over half of the total amount of financial assistance under SURE was allocated by Member 
States  to  support  short-time  work  schemes.  Over  40%  was  to  support  similar  measures, 
including almost one third for measures for the self-employed, with only 5% allocated to health-
related measures, confirming their ‘ancillary’ nature in accordance with the SURE Regulation.  

The absorption level of the financial assistance granted under SURE appears to be high for 
the vast majority of Member States, based on the information they reported. The absorption 
level  will  be  monitored  more  closely  in  three  Member  States,  which  currently  report  lower 
planned public expenditure than the amount granted under SURE but which have also expressed 

2 

 
 
commitment to  resolve  possible issues.  The  absorption  level  is  potentially low in one Member 
State, where the recovery is stronger than expected. 

A first assessment of the impact of SURE  

National labour market measures supported by SURE have likely reduced unemployment 
by almost 1½ million people in 2020. This was achieved by retaining employees in their firms 
and  maintaining  self-employed  activity.  This  also  explains  why  the  increase  in  unemployment 
rates in 2020 across beneficiary Member States was negligible and clearly milder than during the 
global financial crisis, despite the more severe drop in GDP in 2020.  

This is in turn a key condition for the strong economic rebound forecast for 2021. Keeping 
the available workforce connected with firms has also helped support a swift recovery in 2021, 
while possibly accompanying a slower but necessary adjustment in the worst-hit sectors or those 
affected  by  lasting  impacts.  As  a  result,  the  average  loss  of  GDP  over  the  last  two  years  is 
expected to be lower than that seen during the first two years of the global financial crisis. 

Financial  assistance  through  SURE  has  also  generated  significant  budgetary  savings  of 
EUR  8.2  billion  in  interest  payments  for  the  beneficiary  Member  States.  The  figure  has 
increased since the first bi-annual report due to the additional three disbursements. These savings 
are attributable to the favourable borrowing conditions offered by the EU and the long average 
maturity of the loans of almost 15 years.  

The continuation of the exceptional occurrences justifying SURE  

The uncertainty surrounding the economic outlook remains high, though risks are broadly 
balanced. The EU target of vaccinating 70% of the adult population by the end of the summer 
was  reached.  Moreover,  the  economic  recovery  has  gained  momentum,  with  the  near-term 
outlook for the European economy being brighter now than it appeared in spring 2021. However, 
the Delta variant of the SARS-CoV-2 has spread rapidly and progress in vaccination campaigns 
is slowing down in some countries.  

The  recovery  requires  fiscal  policy  to  gradually  shift  from  temporary  emergency  relief, 
such as from SURE, to more targeted and forward-looking recovery measures. This would 
include active labour market policies in line with the Commission Recommendation on Effective 
Active  Support  to  Employment  following  the  COVID-19  crisis  (EASE)1.  At  the  same  time, 
almost EUR 6 billion remains available under SURE until the end of 2022, which could be used 
to continue to address severe economic disturbances caused by the COVID-19 pandemic.  

1 https://ec.europa.eu/info/publications/commission-recommendation-effective-active-support-employment-ease_en  

3 

 
 
 
 
                                                           
INTRODUCTION 

This  report  is  the  second  bi-annual  report  on  the  European  instrument  for  temporary 
Support to mitigate Unemployment Risks in an Emergency (SURE).  SURE was created by 
the European Union (EU) in May 2020 to help Member States protect workers’ jobs and income 
during  the  COVID-19  pandemic2.  It  provides  requesting  Member  States  with  Union  financial 
assistance in the form of loans with favourable conditions. Financial assistance of up to EUR 100 
billion  is  available  under  SURE  to  help  finance  Member  States’  short-time  work  schemes  or 
similar  measures  aimed  at  protecting  employees  and  the  self-employed  and,  as,  an  ancillary, 
health-related measures, in particular in the workplace. In June 2021, SURE won the European 
Ombudsman  2021  Award  for  Good  Administration  for  “excellence  in  citizen-focused  services 
delivery”.  

This  bi-annual  report  is  a  legal  obligation.  It  is  adopted  by  the  European  Commission 
(hereafter the Commission) in accordance with Article 14 of Council Regulation (EU) 2020/672 
(SURE  Regulation)3  to  deliver  on  its  obligation  to  report  to  the  European  Parliament,  the 
Council, the Economic and Financial Committee (EFC) and the Employment  Committee4. The 
next  report  will  be  due  by  end-March  2022.  The  cut-off  date  for  including  information  in  this 
report  was  end-June  2021  for  Member  States’  reporting  and  early  September  2021  for 
epidemiological and economic data.  

Looking  at  the  main  achievements  of  SURE  as  of  August  2021,  this  report  broadly 
confirms the positive assessment of the first report. Its key findings can be summarised as 
follows: 

-  Approximately  31  million  people  and  2½  million  firms  are  estimated  to  have  been 

supported by SURE in 2020; 

-  National  labour  market  measures  supported  by  SURE  have  helped  to  prevent 

unemployment for almost 1½ million people in 2020; 

-  19 Member States have requested and been granted financial assistance under SURE; 
-  Amongst  them,  6  Member  States  were  granted  additional  (“top-up”)  support  by  the 

Council in April 2021;    

-  Over EUR 94 billion has been allocated and almost EUR 90 billion has been disbursed; 
-  Over half of the financial assistance under SURE has been allocated by Member States to 
support  short-time  work  schemes  and  over  40%  to  support  similar  measures,  including 

2  SURE  follows  from  the  Commission’s  2019-2024  Political  Guidelines,  which  proposed  a  European 
Unemployment Benefit Reinsurance Scheme to protect European citizens and reduce the pressure on public finances 
during  external  shocks.  Following  the  outbreak  of  COVID-19  virus  in  Europe,  it  was  set  -up  by  the  adoption  of 
Council Regulation (EU) 2020/672 on 19 May 2020 on the basis of the Commission’s proposal of 2 April 2020. 
3 Council Regulation (EU) 2020/672 of 19 May 2020 on the establishment of a European instrument for temporary 
support  to  mitigate  unemployment  risks  in  an  emergency  (SURE)  following  the  COVID-19  outbreak,  OJ  L  159, 
20.5.2020, p. 1 (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32020R0672&from=en).   
4  Under  Article  14  of  the  Regulation,  the  Commission  shall  report  on  the  use  of  financial  assistance,  including 
outstanding amounts and the applicable repayment schedule under SURE, and on the continuation of the exceptional 
occurrences that justify the application of the SURE Regulation (the COVID-19 pandemic).  

4 

 
 
                                                           
almost  one  third  for  measures  for  the  self-employed,  with  only  5%  allocated  to  health-
related measures, which are ‘ancillary’ in accordance with the SURE Regulation; 

-  Absorption  levels  of  the  financial  assistance  granted  under  SURE  appear  to  be  high 

except for one Member State and are being monitored closely in two others5; 
- 
In total, Member States are estimated to have saved EUR 8.2 billion in interest payments; 
-  Almost EUR 6 billion is still available under SURE after the “top-ups” until the end of 
2022, which could  be used to  continue to  address  severe economic disturbances caused 
by the COVID-19 pandemic. 

This  report  updates  the  information  contained  in  the  first  bi-annual  SURE  report  and 
extends the analysis in some areas. It covers institutional developments since the first report’s 
cut-off date of 26 February 2021, including the granting of financial assistance to Estonia and the 
granting  of  additional  support  (“top-ups”)  to  6  Member  States  following  their  requests  to  this 
end.  It  reports  on  the  last  three  disbursements  since  then.  It  updates  the  analysis  of  the  first 
report, in particular on the public expenditure by Member States covered by SURE  – based on 
updated  reporting  provided  by  Member  States  in  June  2021  –  and  on  the  measurement  of  the 
impact of SURE – based on the latest macroeconomic and financial figures. It also extends the 
analysis, noticeably on the coverage of employees/self-employed and firms.  

This report outlines the use of the SURE instrument to date and reviews its socio-economic 
impacts. It is structured into five sections. Section I outlines the financial assistance granted to 
Member States, including amounts disbursed and outstanding and the corresponding repayment 
schedule.  Section  II  summarises  the  Member  States’  total  public  expenditure  on  national 
measures supported by SURE6. The preliminary analysis of the impact of SURE provided in the 
first  report  is  updated  and  extended  in  Section  III,  including  changes  in  unemployment  and 
interest savings generated by SURE for Member States. Section IV discusses the circumstances 
that  justify  the  continuation  of  SURE,  namely  the  ongoing  impact  of  the  pandemic.  Section  V 
provides  the  relevant  reporting  committed  to  under  Section  2.4  of  the  EU  SURE  Social  Bond 
Framework, which is merged into this report7.  

I.  THE USE OF FINANCIAL ASSISTANCE UNDER SURE: AMOUNTS GRANTED AND DISBURSED 

AND OTHER FINANCIAL ASPECTS  

1.1 Overview of beneficiary Member States, amounts granted and outstanding amounts 

An  additional  Member  State,  Estonia,  requested  SURE  financial  assistance  in  February 
2021. Financial assistance was granted by the Council on 22 March 2021, based on a proposal 

5 Absorption is defined here as the extent to which a Member State spends the funding it was granted by the Council 
on eligible measures.  
6  Sections  I  and  II  pertain  to  the  use  of  financial  assistance  under  SURE  as  per  Article  14(1)  of  the  SURE 
Regulation. 
7 https://ec.europa.eu/info/strategy/eu-budget/eu-borrower/eu-borrowing-activities/eu-sure-social-bond-
framework_en  

5 

 
 
 
 
                                                           
from  the  Commission  dated  26  February  20218.  This  brings  the  total  number  of  beneficiary 
Member States to 19. 

Following  the  resurgence  of  the  pandemic,  six  Member  States  already  benefitting  from 
SURE made requests for additional financial assistance under SURE in the first quarter of 
2021.  In  the  course  of  March  2021,  Belgium,  Cyprus,  Greece,  Lithuania,  Latvia  and  Malta 
requested top-ups to the original amounts granted to them by the Council in 2020.  

Table 1: Overview of support granted under SURE (EUR) 

Member State 

Total Amount 
Granted* 

Of Which Top-Up 

Belgium 
Bulgaria 
Cyprus 
Czechia 
Greece 
Spain 
Croatia 
Italy 
Lithuania 
Latvia 
Malta 
Poland 
Portugal 
Romania 
Slovenia 
Slovakia 
Hungary 
Ireland 
Estonia 
Total 

8 197 530 000 
511 000 000 
603 770 000 
2 000 000 000 
5 265 000 000 
21 324 820 449 
1 020 600 000 
27 438 486 464 
957 260 000 
305 200 000 
420 817 000 
11 236 693 087 
5 934 462 488 
4 099 244 587 
1 113 670 000 
630 883 600 
504 330 000 
2 473 887 900 
230 000 000 
94 267 655 575 

394 150 000 
0 
124 700 000 
0 
2 537 000 000 
0 
0 
0 
354 950 000 
112 500 000 
177 185 000 
0 
0 
0 
0 
0 
0 
0 
0 
3 700 485 000 

Amount 
Disbursed* 

8 197 000 000 
511 000 000 
603 000 000 
2 000 000 000 
5 265 000 000 
21 324 000 000 
1 020 000 000 
27 438 000 000 
957 000 000 
305 000 000 
420 000 000 
8 236 000 000 
5 411 000 000 
3 000 000 000 
1 113 000 000 
630 000 000 
504 000 000 
2 473 000 000 
230 000 000 
89 637 000 000 

Amount Outstanding 

0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
0 
3 000 000 000 
523 000 000 
1 099 000 000 
0 
0 
0 
0 
0 
4 622 000 000 

*In  the  implementation  of  the  disbursements,  the  amounts  granted  were  rounded  down  for  operational 
purposes. 

These  requests  for  top-ups  were  accommodated  quickly.  Based  on  a  Commission  proposal 
released on 30 March 2021, the Council granted additional financial support to the six Member 
States  concerned  on  23  April9,10,11,12,13,14.  These  top-ups  comprised  EUR  3.7  billion  in  total, 

8 Council Implementing Decision (EU) 2021/513 of 22 March 2021 granting temporary support under Regulation 
(EU) 2020/672 to the Republic of Estonia to mitigate unemployment risks in the emergency following the COVID-
19 outbreak, OJ L 103, 24.3.2021, p. 6.  
9  Council  Implementing  Decision  (EU)  2021/681  of  23  April  2021  amending  Implementing  Decision  (EU) 
2020/1342  granting  temporary  support  under  Regulation  (EU)  2020/672  to  the  Kingdom  of  Belgium  to  mitigate 
unemployment risks in the emergency following the COVID-19 outbreak, OJ L 144, 27.4.2021, p. 24. 
10  Council  Implementing  Decision  (EU)  2021/680  of  23  April  2021  amending  Implementing  Decision  (EU) 
2020/1344  granting  temporary  support  under  Regulation  (EU)  2020/672  to  the  Republic  of  Cyprus  to  mitigate 
unemployment risks in the emergency following the COVID-19 outbreak, OJ L 144, 27.4.2021, p. 19.  
11  Council  Implementing  Decision  (EU)  2021/679  of  23  April  2021  amending  Implementing  Decision  (EU) 
2020/1346  granting  temporary  support  under  Regulation  (EU)  2020/672  to  the  Hellenic  Republic  to  mitigate 
unemployment risks in the emergency following the COVID-19 outbreak, OJ L 144, 27.4.2021, p. 16. 

6 

 
 
                                                           
bringing the amount of SURE financial assistance allocated overall to almost EUR 94.3 billion 
(see Table 1).  

1.2  Disbursements and applicable repayment schedule  

The  Commission  successfully  issued  a  further  EUR  36  billion  of  SURE  social  bonds  on 
behalf of the EU between March and May 2021. Investor interest remained strong, with all the 
issuances between 6 and 9 times oversubscribed by investors, despite more challenging market 
conditions compared to the beginning of 2021. This allowed further favourable pricing terms.  

The  fifth  issuance  of  SURE  bonds  of  EUR  9  billion  was  successfully  carried  out  by  the 
Commission  on  9  March  2021.  The  15-year  social  bond  was  issued  at  a  time  of  increased 
market volatility but still priced at the lower end of the range seen in primary markets at the time, 
with a total order book of EUR 86 billion. The funds raised by the Commission were disbursed 
to seven Member States on 16 March 2021. 

The sixth issuance of SURE bonds by the Commission on 23 March 2021 consisted of two 
tranches worth a total of EUR 13 billion. This included EUR 8 billion due in March 2026 and 
EUR 5 billion due in May 2046. The total order book reached EUR 86.5 billion. On 30 March 
2021, the funds were disbursed to 6 Member States. 

The  seventh  issuance  of  SURE  bonds,  worth  over  EUR  14.1  billion,  was  executed 
successfully  on  18  May  2021.  This  dual  tranche  was  also  split  over  two  distinct  tenors:  EUR 
8.137  billion  due  in  July  2029  and  EUR  6  billion  due  in  January  2047.  The  transaction  saw 
strong interest from investors despite a sustained period of market volatility in euro rates at the 
time,  with  demand  of  over  EUR  51  billion  and  EUR  37  billion,  respectively.  The  funds  were 
disbursed  to  12  Member  States,  including  Bulgaria  and  Estonia  for  the  first  time,  on  25  May 
2021. 

By the end of August 2021, almost EUR 90 billion of SURE financial assistance had been 
disbursed  to  19  Member  States.  This  represents  95%  of  the  total  SURE  financial  assistance 
granted  by  the  Council  to  Member  States.  The  remaining  funds  to  be  disbursed  have  been 
delayed at the request of the Member States concerned. Further detail on the SURE transactions 
and disbursements to Member States is reported in Tables A2 and A3 in the Annex.  

12  Council  Implementing  Decision  (EU)  2021/678  of  23  April  2021  amending  Implementing  Decision  (EU) 
2020/1350  granting  temporary  support  under  Regulation  (EU)  2020/672  to  the  Republic  of  Lithuania  to  mitigate 
unemployment risks in the emergency following the COVID-19 outbreak, OJ L 144, 27.4.2021, p. 12. 
13  Council  Implementing  Decision  (EU)  2021/677  of  23  April  2021  amending  Implementing  Decision  (EU) 
2020/1351  granting  temporary  support  under  Regulation  (EU)  2020/672  to  the  Republic  of  Latvia  to  mitigate 
unemployment risks in the emergency following the COVID-19 outbreak, OJ L 144, 27.4.2021, p. 7. 
14  Council  Implementing  Decision  (EU)  2021/676  of  23  April  2021  amending  Implementing  Decision  (EU) 
2020/1352  granting  temporary  support  under  Regulation  (EU)  2020/672  to  the  Republic  of  Malta  to  mitigate 
unemployment risks in the emergency following the COVID-19 outbreak, OJ L 44, 27.4.2021, p. 3.  

7 

 
 
 
                                                                                                                                                                                           
The  average  maturity  of  disbursements  to  Member  States  is  14.5  years,  close  to  the 
maximum  of  15  years  provided  by  the  respective  Council  Implementing  Decisions. 
Reporting on the repayment schedule for principal and interest payments is presented in Table 2.  

Interest 

Principal 

SURE Total 

 8 000 000 000  
 8 000 000 000  

 10 000 000 000  
 8 137 000 000  
 10 000 000 000  

Table 2: Repayment Schedule of EU’s SURE Outstanding Loans 
Calendar year 
2021 
2022 
2023 
2024 
2025 
2026 
2027 
2028 
2029 
2030 
2031 
2032 
2033 
2034 
2035 
2036 
2037 
2038 
2039 
2040 
2041 
2042 
2043 
2044 
2045 
2046 
2047 
2048 
2049 
2050 
Total 

 35 480 000  
 111 110 000  
 122 500 000  
 122 500 000  
 8 122 500 000  
 8 122 500 000  
 122 500 000  
 10 122 500 000  
 8 259 500 000  
 10 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 8 622 500 000  
 9 122 500 000  
 104 500 000  
 104 500 000  
 104 500 000  
 7 104 500 000  
 97 500 000  
 97 500 000  
 97 500 000  
 97 500 000  
 97 500 000  
 5 097 500 000  
 6 075 000 000  
 30 000 000  
 30 000 000  
 10 030 000 000  
92 666 590 000 

 35 480 000  
 111 110 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 122 500 000  
 104 500 000  
 104 500 000  
 104 500 000  
 104 500 000  
 97 500 000  
 97 500 000  
 97 500 000  
 97 500 000  
 97 500 000  
 97 500 000  
 75 000 000  
 30 000 000  
 30 000 000  
 30 000 000  
3 029 590 000 

 10 000 000 000  
89 637 000 000 

 8 500 000 000  
 9 000 000 000  

 5 000 000 000  
 6 000 000 000  

 7 000 000 000  

II.  THE USE OF THE SURE INSTRUMENT: PUBLIC EXPENDITURE AND NATIONAL MEASURES 

COVERED BY SURE 

This  section  focuses  on  the  policy  use  of  the  instrument.  More  specifically,  it  summarises  the 
public expenditure by Member States covered by or eligible for SURE and the nature of national 
measures. It also indicates the coverage of the SURE-supported measures in terms of employees 
and firms. 

2.1 Actual and planned public expenditure supported by SURE 

2.1.1 Monitoring of public expenditure on eligible measures 

Updated reporting by beneficiary Member States is used to monitor the planned and actual 
use  of  the  financial  assistance  granted  under  SURE15.  The  required  reporting  includes  the 

15  Ireland  and  Estonia  applied  for  SURE  for  incurred  public  expenditure  only,  as  such,  the  reporting  remains 
unchanged since March 2021. 

8 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                           
allocation of public expenditure across measures covered by SURE (and the employee and firm 
coverage  of  those  measures,  as  reported  in  Section  2.3).  There  have  been  three  series  of  this 
reporting  thus  far:  in  August  2020  (“data  accompanying  the  official  request”),  in  January-
February 2021 (“first report”) and June 2021 (“latest reporting” for this report). The information 
is  presented  as  reported  by  Member  States16.  The  expenditure  reported  by  Member  States 
corresponds  to  that  on  measures  that  are  eligible  for  SURE.  Some  Member  States  have 
supplemented  SURE  support  with  national  financing  or  EU  structural  funds,  thus  expenditure 
could exceed the amount supported by SURE. The reporting facilitates measuring the absorption 
of the financial assistance under SURE, by comparison with the amount granted by the Council.   

90% of total planned public expenditure on eligible measures had already taken place by 
the  end  of  May  202117.  The  SURE  Regulation  allows  for  financial  assistance  to  be  used  for 
planned increases in public expenditures on measures covered by SURE. In June 2020, the share 
of planned expenditure was 54% (according to the August 2020 reporting); at the end of 2020, 
this share was 20% (as indicated in the first report); the remaining planned expenditure is now 
less than 10% (see Graph 2). 

Graph 1: Reported public expenditure 

Graph 2: Monthly evolution of incurred and 
planned public expenditure under SURE 

Note:  Estonia  applied  for  SURE  support  in  February 
2021  and,  as  such,  is  included  in  the  June  2021 
reporting only.  

Note:  This  profile  is  drawn  from  the  latest  reporting 
provided by Member States in June 2021 as an input 
to  this  report.  The  slightly  negative  expenditure  in 
November  2021  is  due  to  large  expected  payments 
from  European  Structural  Investment  Funds 
in 
support of short-time work schemes in that month. 

16 New measures submitted by Member States at the time of the updated reporting are not yet taken into account as 
they have not been yet assessed in terms of eligibility. 
17  Eligible  measures  are  those  described  in  Article  3(2)  of  the  Regulation:  national  short-time  work  schemes  or 
similar measures, and as an ancillary, health-related measures.  

9 

4645454434348193510.49899114020406080100120140Initial reportingFeb 2021June 2021EUR BnFeb-Jun 2020Jul-Dec 20202021202202040608010012014002468101214161820 Jan 2020 Apr 2020 Jul 2020 Oct 2020 Jan 2021 Apr 2021 Jul 2021 Oct 2021 Jan 2022 Apr 2022 Jul 2022 Oct 2022EUR BnEUR BnMonthly expenditure (LHS)Cumulated expenditure (RHS)IncurredPlanned 
 
 
 
 
 
                                                           
The latest reporting shows that total public expenditure earmarked for 2021 has increased 
significantly  since  the  first  report.  14  Member  States  reported  higher  planned  public 
expenditure  for  2021  than  expected  in  January-February  2021,  in  line  with  the  resurgence  of 
infections,  the  extension  of  economic  supports  seen  across  Europe  in  2021  and  the  top-up 
requests granted in April 2021. The negligible public expenditure planned for 2022 across three 
Member States decreased as some expenditure was brought forward to 2021.  

The  expenditure  on  measures  eligible  for  SURE  predictably  followed  the  pace  of  the 
pandemic. Graph 2 shows that the profile of eligible public expenditure coming out of the latest 
reporting is marked by three peaks, namely in May 2020, in December 2020 and in April 2021, 
which  is  consistent  with  the  three  epidemiological  waves  recorded  before  the  report’s  cut-off 
date. The impacts of the second and third waves on public expenditure eligible for SURE were 
less strong than in the first wave, likely due to the adaptation of economies after the first wave, 
the  lesser  stringency  of  the  accompanying  containment  measures  and  possibly  to  the  fact  that 
some initial requests for SURE support already anticipated the rebound of the pandemic after the 
summer 2020.   

Total public expenditure on eligible measures is now expected to reach EUR 114 billion, in 
excess  of  the  amount  directly  supported  by  SURE  (EUR  94  billion).  This  amount  is  net  of 
expenditure  financed  with  European  Structural  Investment  Funds,  and  is  a  15%  increase  since 
the  first  report,  when  EUR  99  billion  was  expected  to  be  spent  in  beneficiary  Member  States. 
This is greater than the total amount granted under SURE because a number of Member States 
plan  to  spend  more  on  measures  eligible  under  SURE  than  the  financial  assistance  they 
requested18.  This  further  proves  the  relevance  of  the  scope  of  SURE  from  the  perspective  of 
Member States.  

2.1.2 Absorption level of funds  

The absorption level  of the funds lent under SURE to Member States appears to be high 
for the vast majority of Member States. 16 out of 19 Member States have already spent or plan 
to  spend  at  least  the  financial  assistance  they  were  granted  under  SURE  on  eligible  measures 
(see  Graph  3).  13  of  these  even  plan  to  spend  more  than  the  amount  granted,  including  by 
financing the remainder nationally.  

The  level  of  absorption  of  funds  is  potentially  low  in  one  Member  State  and  will  be 
monitored  more  closely  in  specific  Member  States,  who  have  expressed  commitment  to 
resolve  possible  issues.  Romania,  Portugal  and  Cyprus  have  now  reported  lower  total  public 
expenditure on measures provided in the respective Council implementing decisions (CIDs) than 
the amount granted by the Council under SURE. Based on preliminary analysis, Cyprus does not 
seem  to  face  a  real  absorption  issue19.  In  Portugal,  the  national  authorities  have  identified 

18 For Spain, Italy and Poland, this is also due to the concentration limit (of 60% of the maximum amount of EUR 
100 billion that applies to the three largest beneficiary Member States). 
19  In  the  case  of  Cyprus,  the  public  expenditure  shortfall  of  over  EUR  3  million  (0.6%  of  the  loan)  is  due  to  the 
Member State receiving more ESF funding than expected. Cyprus has only reported planned expenditure up to June 
2021,  in  line  with  the  legal  validity  of  measures  at  the  time  of  reporting,  but  these  measures  are  expected  to  be 

10 

 
 
                                                           
 
additional measures, which the Commission will assess in due course, that are expected to absorb 
the full amount granted to the Member State. In the case of Romania, the low absorption level 
would be due to  a weaker than  expected impact  of the pandemic and  a stronger than  expected 
recovery, which has meant expenditure on employment retention measures has been lower than 
anticipated.  The  gap  between  actual  public  spending  incurred  so  far  and  the  EUR  3  billion 
financial  assistance  already  disbursed  to  Romania  remains  high  (almost  two  thirds  of  the 
disbursed amount). The Commission has been engaging with the Romanian authorities to discuss 
potential solutions and will continue this dialogue.  

Graph 3: Excess of planned and incurred public expenditure on eligible measures over loan 
amount (% of loan amount) 

Note: Public expenditure refers to those reported, without adjusting for the concentration limit, on the measures as 
provided for in the Council Implementing Decisions, net of European Structural and Investment Funds (ESIF). 

2.2 National measures: short-time work schemes or similar measures supported by SURE  

Over half of total public expenditure supported by SURE is expected to be spent on short-
time work schemes. This is based on Commission analysis, categorising the measures reported 
by  Member  States  by  type.  53%  of  public  expenditure  on  SURE-eligible  measures  is  used  for 
short-time work schemes, with a further 33% on ‘similar measures’ for the self-employed. 7% is 
allocated  to  wage  subsidy  schemes,  while  5%  is  expected  to  be  spent  on  health-related 
measures20. The remaining 2% of expenditure is allocated to ‘other’ similar measures supporting 
job retention  and workers’ incomes. 9 Member States only used SURE financial assistance for 
short-time work schemes and similar measures (see Graph 4).  

extended. As such, the shortfall is expected to be temporary, due to as yet unreported expenditure beyond June 2021. 
The situation will continue to be monitored. 
20 Wage subsidy schemes are job-retention schemes similar to short-time work, but differ in that payments are not 
calculated in terms of hours (not worked), but rather correspond to a lump sum or a proportion of the total wage.  

11 

-100-50050100RomaniaPortugalCyprusLatviaIrelandSlovakiaEstoniaPolandItalyMaltaSloveniaLithuaniaGreeceHungaryCroatiaBulgariaBelgiumSpainCzechia 
 
 
 
 
 
                                                                                                                                                                                           
Graph 4: Public expenditure on SURE-eligible measures by type of expenditure 

Note: See SURE March 2021 report for further detail on Hungary’s health-related expenditure.  

16 of the 19 Member States benefitting from SURE have used the support to help finance 
short-time work schemes. This includes Estonia, which was granted financial assistance under 
SURE  in  March  2021.  In  particular,  in  the  course  of  2020,  Estonia  implemented  a  new 
(temporary) short-time work scheme in response to the pandemic, along with measures similar to 
short-time work and health-related measures.  

The six Member States who requested SURE top-ups in early 2021 have either changed the 
design of the schemes already benefitting from SURE or set up new measures. The changes 
to  the  design  of  the  measures  consisted  notably  of  making  the  schemes  more  generous  or 
loosening the eligibility conditions21.  

In  the  first  half  of  2021,  many  Member  States  supported  by  SURE  extended  their  short-
time work schemes to respond to new waves of the pandemic. Measures that already came to 
an end were either re-activated (e.g. in Estonia and Latvia) or modified (e.g. by increasing their 
generosity).  Italy  extended  the  eligible  period  for  the  COVID-related  use  of  short-time  work 
schemes.  Cyprus,  Czechia,  Latvia,  Lithuania,  Poland,  Slovakia  and  Spain  increased  the 
generosity of their schemes, e.g. by supporting a larger share of the workers’ salaries, lowering 
ceilings or easing access to their schemes.  

The  majority  of  the  Member  States  that  used  SURE  to  finance  short-time  work  schemes 
have not yet phased out the emergency support. Eleven countries out of the sixteen relying on 
short-time work have their scheme still in place (see Annex 1 for further detail), yet many aimed 

21 Cyprus, Latvia and Lithuania requested additional support for all (or almost all) of the measures for which they 
already received SURE support. Greece requested support for the extension of its existing short-time work schemes. 
Belgium  and  Malta  requested  support  for  measures  similar  to  short-time  work  schemes,  already  financed  from 
SURE  (e.g.  support  to  self-employed,  wage  subsidies,  aids  for  specific  sectors  or  categories  of  workers).  Finally, 
Belgium and Latvia introduced new schemes to be financed under SURE. These new schemes are measures similar 
to short-time work: sickness benefits for parents and carers (Latvia) and microcredit to entrepreneurs (Belgium) and 
health-related measure involving allowances for medical staff (Latvia). 

12 

0102030405060708090100BulgariaSlovakiaCroatiaIrelandGreeceMaltaLatviaEstoniaCyprusSloveniaLithuaniaPortugalSpainRomaniaSURE-19PolandItalyCzechiaBelgiumHungary% total expenditure Short-time-work schemesWage subsidy measuresSelf-employed measuresHealth-related measuresOther measures 
 
 
 
                                                           
to phase their schemes out in the summer of 2021 (Bulgaria, Lithuania and Romania), September 
2021 (Belgium, Greece, Slovenia and Spain) or later in 2021 (Cyprus, Croatia, Slovakia). Ireland 
and  Malta,  which  receive  SURE  support  for  their  wage  subsidy  programmes,  prolonged  those 
until  the  end  of  202122.  Italy  has  extended  several  Covid-related  adjustments  to  its  short-time 
work schemes until  the end of 2021, while some specific provisions have been already phased 
out.  As  recommended  by  the  Commission  Communication  on  Effective  Active  Support  to 
Employment,  with  a  view  to  support  the  recovery,  Spain  and  Portugal  introduced  trainings 
measures or job transition incentives inside their short-time work schemes23.  

Some Member States have already discontinued the use of their short-time work schemes. 
Czechia, Estonia, Latvia, and Poland suspended their schemes in May or June 2021. However, 
deadlines to discontinue short-time work schemes are typically provisional and may be updated 
as the pandemic evolves.  

2.3 SURE coverage in terms of employment and firms 

SURE is estimated to have supported around 31 million people in 2020, representing over 
one quarter of total employment in beneficiary Member States. This estimate corresponds to 
people  who  were,  at  some  point,  covered  by  short-time  work  schemes  or  similar  measures 
supported  by  SURE.  It  is  comprised  of  approximately  22½  million  employees  and  8½  million 
self-employed  workers24.  Bearing  in  mind  that  SURE  has  a  broader  scope  (including  similar 
measures,  in  particular  for  the  self-employed),  this  figure  can  be  roughly  compared  to 
approximately  19  million  people  covered  by  short-time  work  schemes  in  SURE  beneficiary 
Member States and 35 million across the EU in 202025. A breakdown of SURE worker coverage 
by Member State is shown in Graph 5. These estimates do not take into account SURE support 
for health-related measures and, as such, could be considered conservative26.  

22 Ireland received SURE financial assistance for its temporary wage subsidy scheme, which ended in August 2020 
and was replaced with the emergency wage subsidy scheme, currently in force until the end of 2021. 
23 https://ec.europa.eu/info/publications/commission-recommendation-effective-active-support-employment-
ease_en. Among Member States not relying on financing from SURE, Austria, France, the Netherlands and Sweden 
introduced or strengthened support to training in their short-time work schemes or similar measures.  
24 This figure has increased from that in the first SURE report as Member  States have provided updated estimates 
with improved data quality.  
25  The  19  million  figure  is  based  on  Member  State  reporting  tables,  which  includes  short-time  work  schemes  not 
supported  by  SURE,  but  not  similar  measures.  For  the  three  Member  States  who  did  not  report  a  figure,  it  was 
assumed that the average ratio of short-time work scheme coverage to SURE coverage applies. 
26  In  addition,  in  some  Member  States,  there  was  significant  overlap  between  the  recipients  of  support  across 
different  measures  that  could  not  be  adjusted  for.  In  such  cases,  Member  States  were  asked  to  report  only  the 
coverage of the largest measure(s) to avoid double counting. As such, the true coverage may be even higher.  

13 

 
 
 
 
                                                           
Graph 5: Workers covered by SURE in 2020 
(% of total employment)

Graph 6: Firms covered by SURE in 2020 
(% of total firms) 

Source: Member States’ reporting (see footnote 26), 
Ameco.  
Note: The coverage figures are those reported by Member 
States. Total employment figures (i.e. the denominator of 
the  ratio)  are  taken  from  AMECO,  using  the  national 
accounts  definition  of  total  employment,  including  both 
wage and salary earners and the self-employed. 

Source: Member States’ reporting (see footnote 28), 
Eurostat business statistics.  
Note: Member States are ranked according to SURE 
coverage  of  workers.  To  ensure  consistent  treatment 
of  data  across  Member  States,  total  firms  include 
zero-employee  firms,  which  may  underestimate  the 
coverage  ratio  as  some  self-employed  may  be 
counted in the denominator, but not the numerator.  

The SURE coverage is expected to remain non-negligible in 2021, corresponding to almost 
10% of employment. The economic impact of subsequent waves of the pandemic is expected to 
be much smaller than that of the first wave, while some Member States will not use SURE for 
public  expenditure  in  2021  because  of  the  expected  economic  pickup.  Despite  that,  at  least  5 
million people are estimated to benefit from SURE in 2021, in the context of an uneven recovery 
across countries and economic sectors27.  

SURE is estimated to have supported over 2½ million firms in 2020. This comprises at least a 
fifth  of  firms  across  beneficiary  Member  States  (see  Graph  6)28.  In  2021,  around  8%  of  firms 
would  still  be  supported  in  the  context  of  the  expected  but  uneven  economic  rebound.  In  the 
majority of beneficiary Member States, firms in the services sector were the primary recipients 
of support, in particular: i) wholesale and retail trade and ii) accommodation and food services 
(see Table 3)29. Manufacturing also received a large share of support. 

27  This  estimate  is  based  on  incomplete  reporting  as  some  Member  States  (Italy,  Poland,  Slovakia)  did  not  report 
coverage data for 2021. 
28 Given very  heterogeneous reporting by Member States on firm coverage, to ensure consistent treatment of data 
across Member States, total firms are assumed to include zero-employee firms. This may underestimate the coverage 
ratio as some self-employed may be counted in the denominator, but not the numerator.  
29  Of  the  19  beneficiary  Member  States,  5  did  not  provide  information  on  the  breakdown  between  manufacturing 
and services, while 3 reported that support was equally shared. 

14 

010203040506070SloveniaCyprusItalyCroatiaMaltaGreeceIrelandSlovakiaSpainSURE-19CzechiaBelgiumLithuaniaPortugalPolandEstoniaRomaniaHungaryBulgariaLatvia% total employmentEmployeesSelf-employed01020304050607080SloveniaCyprusItalyCroatiaMaltaGreeceIrelandSlovakiaSpainSURE-19CzechiaBelgiumLithuaniaPortugalPolandEstoniaRomaniaHungaryBulgariaLatvia% total firms 
 
 
                                                           
 
Both  SMEs  and  large  firms  have  benefitted  from  SURE  support.  Prior  to  the  COVID-19 
crisis,  short-time  work  was  mostly  taken  up  by  large  firms  in  industry30.  Large  companies 
typically  faced  higher  hiring  and  firing  costs;  firms  in  the  services  sector  mainly  adjusted 
employment through layoffs or a greater reliance on fixed-term and non-standard employment. 
With  the  pandemic,  this  pattern  shifted,  and  the  use  of  short-time  work  became  particularly 
relevant in services (mainly hotels and restaurants) and in retail trade. In some Member States, 
the share of micro firms involved in the schemes increased considerably as of March 202031. In 
most SURE beneficiary Member States, the vast majority of firms covered by SURE were small 
firms (Graph 7). However, given heterogeneous reporting by Member States on firm coverage, it 
is difficult to produce detailed estimates of firm composition for this report.  

The participation of women and youth in short-time work increased during the COVID-19 
crisis.  This  primarily reflects  the change in  the sectoral  composition  of the support away from 
manufacturing and construction towards services and retail, i.e. sectors with a relatively higher 
share of women and youth in employment32.  

30 European Commission (2020): Labour Market and Wage Developments in 2020, Chapter 3, Policy developments. 
https://ec.europa.eu/social/BlobServlet?docId=23268&langId=en.   
31 For example, Belgium and Italy. Source: EMCO data collection 2020 and 2021. Information is not available for 
all countries covered by SURE. 
32 European Commission (2020): Labour Market and Wage Developments in 2020, Chapter 3, Policy developments. 
https://ec.europa.eu/social/BlobServlet?docId=23268&langId=en.  In Italy and Belgium, on average, the share of 
women involved in the schemes doubled after March 2020, while the share of young worker beneficiaries increased 
from 1.6% to 5.7% in Italy and from 6.7% to 7.6% in Belgium. The share of women and young workers involved in 
short-time work was also high in Latvia, Romania, Portugal and Estonia. 

15 

 
 
 
 
                                                           
Member State  
Belgium 
Bulgaria 
Cyprus 
Czechia 
Estonia 
Greece 
Spain 
Croatia 
Hungary 
Ireland 
Italy 
Lithuania 
Latvia 
Malta 
Poland 
Portugal 
Romania 
Slovenia 
Slovakia 

Table 3: Sectoral coverage of SURE 

Main sectors benefitting from SURE support 
Administrative services, manufacturing, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, administrative services, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, health and social work, and other services  
Accommodation and food services, construction, and wholesale and retail trade 
Accommodation and food services, construction, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, transportation, and wholesale and retail trade 
Construction, professional, scientific and technical activities, and wholesale and retail trade 
Accommodation and food services, other services , and wholesale and retail trade 
Accommodation and food services, construction, and professional, scientific and technical activities 
Accommodation and food services, manufacturing, and wholesale and retail trade 
Accommodation and food services, manufacturing, and wholesale and retail trade 

Source: Member States’ reporting.  

Graph 7: SURE coverage by firm size (% of 
total SURE coverage) 

Graph 8: Average share of women and 
young (15-24) beneficiaries across short-time 
work schemes (2020/2021) 

Source: Member States’ reporting.  
The remainder of firms are large firms. The distribution 
by firm size  was not reported or not reported accurately 
by Czechia, Hungary and Poland.  

Source: EMCO data collection 2020 and 2021. EMCO 
data is not available for all countries covered by SURE. 
Data coverage: From March 2020 (for each country), 
until most recent available data from EMCO, i.e. EL 
(November 2020), BG, IT, RO (December 2020), BE, 
CY, EE, LV (January 2021) and PT, SI (February 2021). 
Data for ES only available for share of women.  

16 

0%10%20%30%40%50%60%70%80%90%100%BEBGCYEEELESHRIEITLTLVMTPTROSISK% Small firms% Medium firms0%10%20%30%40%50%60%70%% of women% of youngITBESIBGCYESEEPTROLV 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
III.  PRELIMINARY ANALYSIS OF THE IMPACT OF SURE 

This section updates the analysis presented in the first SURE bi-annual report on the impact of 
SURE on employment and public finances.  

3.1 Estimating the impact of SURE on unemployment 

This  section  provides  an  updated  assessment  of  SURE’s  impact  on  unemployment  in 
beneficiary  Member  States.  The  purpose  of  SURE  is  to  help  Member  States  preserve 
employment of workers and the self-employed during the COVID-19 pandemic, thus protecting 
labour  incomes  and  facilitating  a  swift  recovery  when  the  pandemic  abates.  The  assessment 
presented here focuses on the relationship between output and unemployment since the onset of 
the  pandemic.  The  results  are  informative,  but  figures  should  be  interpreted  with  caution  for 
methodological reasons. First, it is difficult to design a ‘counterfactual’ scenario of labour market 
performance in the absence of SURE. Second, the output-employment relationship is impacted 
by a wide range of factors, including SURE. Other factors are related to the fact that people have 
been unable  to,  or were discouraged from,  actively seeking work due to  the shutdown of large 
parts of the economy. 

The  increase  in  unemployment  rates  in  the  first  year  of  the  COVID  crisis  in  beneficiary 
Member States was clearly milder than during the global financial crisis, despite the more 
severe drop in GDP. Real GDP growth fell by 6.8% in the countries that benefitted from SURE 
funding in the first year of the COVID crisis in 2020 (see Graph 9). This drop is larger than the 
decline  of  4.1%  observed  during  the  global  financial  crisis  in  2009.  At  the  same  time,  the 
unemployment rate increased by only 0.2 percentage point in 2020, compared with an increase of 
2.8 percentage points in 2009.  

Graph 9: Changes in real GDP and unemployment in beneficiary Member States

Note:    The  graph  shows  yearly  growth  rates  for  GDP  and  the  change  in  the  unemployment  rate  for  SURE 
beneficiary Member States, weighted by their share of nominal GDP. Source: Eurostat, Ameco. 

17 

 
 
 
 
This containment of the rise in unemployment in 2020 is set to support the growth rebound 
in  2021.  Looking  at  2020-2021  together,  based  on  the  Commission  2021  Spring  forecast,  a 
similar  picture  to  that  depicted  in  Graph  9  holds:  the  unemployment  rate  in  SURE  beneficiary 
Member  States  is  forecast  to  rise  at  a  much  slower  pace  (+0.6  percentage  points  in  2021 
compared  to  2019)  than  during  the  global  financial  crisis  (+2.0  percentage  points  in  2009 
compared to the previous year). But there is a noticeable difference: due to the strong economic 
recovery forecast for 2021, the average losses of GDP over the two years is set to be lower than 
during the  global financial  crisis  (-1.1% compared with  -1.5%). This  suggests that keeping the 
available workforce connected with firms via short-time work schemes and similar measures has 
also helped support a generally swift recovery.    

Graph 10: Actual vs. expected changes in 
unemployment rates by SURE beneficiary 
Member State in 2020 

Graph 11: Relationship between the change 
in unemployment rate and disbursed SURE 
funding in 2020 

Note:  y-axis:  The  expected  change  in  unemployment 
rates  corresponds  to  the  prediction  stemming  from  a 
country-specific  regression  model  for  the  period  1999 
to  2019.  The  analysis  is  based  on  an  Okun’s  law 
approach,  where  the  dependent  variable  stands  for  the 
change  in  unemployment  rate  and  the  independent 
variable  refers  to  the  real  GDP  growth  rate.  Further 
details  on  the  methodology  is  available  in  European 
Commission  (2021),  Quarterly  Report  on  the  Euro 
Area, Section III, Vol. 20, No 2. 
Source: Ameco and own calculations. 

Note:  y-axis:  The  expected  change  in  unemployment 
rates  stems  from  the  country-specific  regression  model 
explained in the note to Graph 10.  
Source: Ameco and own calculations.  

The  rise  in  unemployment  in  2020  was  significantly  weaker  than  expected  in  beneficiary 
Member  States.  Given  the  drop  in  GDP  in  2020,  the  unemployment  rate  was  expected  to 
increase  substantially,  but  this  did  not  occur.  The  swift  and  sizeable  policy  measures  taken  in 
2020 to address the COVID crisis mitigated the impact of the fall in output on unemployment, 
compared with the expected reaction of unemployment to GDP observed in the past (see Graph 

18 

 
 
 
 
 
 
10)33. The increase in unemployment rates was, in most countries, lower than expected34. These 
findings confirm the earlier results presented in the first bi-annual SURE report35.  

The  policy  support  measures  adopted,  including  SURE,  effectively  protected  1½  million 
people  against  unemployment  in  2020.  The  lower-than-expected  increase  in  unemployment 
can  be  partially  attributed  to  the  widespread  use  of  short-time  work  schemes  and  similar 
measures,  in  particular  in  those  Member  States  benefitting  from  the  SURE  instrument.  At 
country level, the higher the amount received through SURE in 2020, the more moderate the rise 
in unemployment (Graph 11). These labour market measures, along with other policy responses 
to  the  pandemic,  are  estimated  to  have  reduced  the  unemployment  rate  in  SURE  beneficiary 
Member States by around 1 percentage point compared with the expected rise in unemployment. 
This corresponds to around 1½ million people who avoided unemployment during the outbreak 
of COVID-1936. 

The  channels  explaining  how  SURE  effectively  facilitated  a  milder  rise  in  unemployment 
are  discussed  in  detail  in  the  first  bi-annual  report  on  SURE.  These  include  improving 
general confidence across the EU, support for and encouragement of the use of short-time work 
schemes,  and  the  enabling  of  Member  States  to  spend  more  on  employment  support  and  other 
pandemic-related  policies.  Survey  data  shown  in  the  first  report  indicated  that  SURE  played  a 
role in the decision of a majority of beneficiary Member States to adopt a new short-time work 
scheme or to modify an existing scheme, and enabled some Member States to be more ambitious 
on  measures  similar  to  short-time  work  schemes.  SURE  also  contributed  to  Member  States 
increasing the generosity or length of their employment-retention schemes, since it underpinned 
Member  States’  confidence  to  undertake  larger  borrowing  and  spending  than  they  otherwise 
would have, enjoying the interest rate savings obtained by EU despite their lower credit rating. 

3.2 The direct financial effect: estimated interest rate savings  

Member States are estimated to have saved a total of EUR 8.2 billion on interest payments 
by  receiving  financial  assistance  through  SURE.  This  amount  is  based  on  the  first  seven 
issuances  of  SURE,  up  to  the  disbursement  of  25  May  2021,  which  was  the  last  disbursement 
before the  reporting date. The  estimated interest  savings  will therefore likely increase  with  the 

33 The responsiveness of changes in economic growth to unemployment is often referred in the economic literature 
as  “Okun’s  Law”.  More  of  an  empirical  “rule  of  thumb”  than  a  relationship  grounded  in  theory,  Okun’s  Law 
suggests that a decline in output growth of between 2% and 3% is associated with a one percentage point increase in 
the  unemployment  rate  (see  Okun,  A.M.,  “Potential  GNP:  Its  measurement  and  signiﬁcance”,  Proceedings  of  the 
Business and Economic Statistics Section, American Statistical Association, 1962). 
34 In Italy, Greece and Poland, the unemployment rate even declined in 2020. 
35 Our key findings also hold when replacing the change in unemployment rate with the change in the employment 
rate (i.e. employment over working-age population). This specification is a way to correct for the change in labour 
force, affecting unemployment indicators. For further details see European Commission (2021), Quarterly Report on 
the Euro Area, Section III, Vol. 20, No 2. 
36 The finding is derived from the regression model presented in Graph 11. It assumes that the actual and expected 
labour force is the same.  

19 

 
 
 
                                                           
final  disbursements37.  These  savings  were  generated  as  SURE  loans  offered  Member  States 
lower  interest  rates  than  those  they  would  have  paid  if  they  had  issued  sovereign  debt 
themselves.  This  is  due to  the  EU’s  AAA  credit  rating  and  the  liquidity  of  the  bonds.  Table  4 
provides a breakdown of interest savings by Member State38.  

Table 4: Interest Rate Savings by Member State 

Member 
State 

Belgium 
Cyprus 
Greece 
Spain 
Croatia 
Hungary* 
Italy 
Lithuania 
Latvia 
Malta 
Poland 
Portugal 
Romania 
Slovenia 
Slovakia 
Bulgaria 
Ireland 
Czechia 
Estonia** 
Total 

Amount 
disbursed 
(EUR bn) 
8.2 
0.6 
5.3 
21.3 
1.0 
0.5 
27.4 
1.0 
0.3 
0.4 
8.2 
5.4 
3.0 
1.1 
0.6 
0.5 
2.5 
2.0 
0.2 
89.6 

Average 
spread  

Average 
maturity 

Interest savings 
(EUR bn) 

0.06 
0.62 
0.73 
0.44 
1.11 
1.28 
0.96 
0.04 
0.10 
0.56 
0.35 
0.47 
2.27 
0.23 
0.09 
0.37 
0.11 
0.23 
0.0 
0.63 

14.7 
14.7 
14.6 
14.7 
14.3 
14.7 
14.8 
14.7 
14.6 
14.6 
13.0 
14.7 
14.6 
14.8 
14.9 
15.0 
14.7 
10.1 
15.2 
14.5 

0.14 
0.06 
0.51 
1.59 
0.16 
0.09 
3.76 
0.00 
0.00 
0.04 
0.42 
0.38 
0.85 
0.05 
0.01 
0.03 
0.05 
0.04 
0.00 
8.18 

Interest Savings 
(% amount 
disbursed) 
1.7 
9.5 
9.8 
7.4 
15.3 
18.0 
13.7 
0.5 
1.5 
8.4 
5.0 
7.1 
28.4 
4.3 
1.3 
6.7 
2.1 
1.9 
0.0 
9.1 

Note: Interest savings are computed bond by bond, and summed across issue dates and maturities.  
* Hungary has issued only two 10-year and 30-year euro-denominated bonds since 2020, both in November 2020. 
Using these two bonds, the spread between the yield curve in national currency and in euro was extrapolated at 
other maturities and other issue dates.  
** Estonia has issued only one outstanding 10-year bond, no data was available for other maturities. The spread 
with the EU SURE social bond at these other maturities is assumed to be close to zero.  

37  These  estimates  exclude  any  possible  additional  confidence  effect  that  new  emergency  instruments,  including 
SURE,  may  have  had  on  the  confidence  of  economic  agents  and  the  interest  rate  spread  for  Member  States’ 
sovereign borrowing. 
38 Further detail on the methodology can be found in Section III of the Quarterly Report on the Euro Area Vol. 20, 
No 2 (2021). 

20 

 
 
 
 
 
 
                                                           
IV. THE CONTINUATION OF THE EXCEPTIONAL OCCURRENCES THAT JUSTIFY THE APPLICATION 
OF THE SURE REGULATION 

This  section  reports  on  the  continuation  of  the  exceptional  occurrences  that  justify  the 
application of the SURE instrument, as required by the SURE Regulation39.  

Uncertainty  around  the  trajectory  of  the  pandemic  remains,  with  cases  rising  across 
Member States over the summer. The Delta variant of the SARS-CoV-2, in particular, spread 
rapidly  and  progress  in  vaccination  campaigns  has  slowed  in  some  countries.  Some  Member 
States  have  slightly  tightened  measures  as  the  race  between  infections  and  vaccinations 
continues.  As  of  5  September  2021,  according  to  the  European  Centre  for  Disease  Prevention 
and  Control  (ECDC),  the  overall  epidemiological  situation  in  the  EU  was  characterised  by  a 
high,  slowly  decreasing  case  notification  and  a  low,  but  slowly  increasing  death  rate.  Cases 
amongst the 15-24 age group, the most affected group, have continued to fall, though cases are 
rising  amongst  children  under  15.  Increases  in  cases  in  older  age  groups,  as  well  as  in 
hospitalisation  and  mortality  indicators,  have  been  observed  in  several  countries40.  In  the 
meantime,  the  experiences  of  some  non-EU  countries  with  high  vaccination  rates  (e.g.  Israel, 
Iceland) are raising important questions about the global vaccination push and the outlook for the 
fight to contain the COVID-19 pandemic.  

The  economic  recovery  has  gained  momentum,  with  the  near-term  outlook  for  the 
European  economy  brighter  now  than  it  appeared  in  Spring  2021.  The  Commission’s 
summer 2021 forecast upgraded the EU GDP forecast to 4.8% in 2021 and 4.5% in 2022. While 
the level of economic activity was expected to return to its pre-crisis (Q4 2019) level in the last 
quarter  of  2021,  it  would  remain  around  1%  below  the  level  expected  had  the  pandemic  not 
occurred, and the pace of recovery is expected to vary across Member States. The latest evidence 
shows  that  in  the  second  quarter  of  2021,  real  GDP  growth  in  the  EU  rebounded  strongly,  at 
1.9%,  surpassing  expectations.  Moreover,  although  growth  momentum  is  fading  slightly  and 
price  pressures  remain,  recent  survey  data  (PMIs  for  August)  provide  little  evidence  that 
concerns about the spread of the Delta variant and persistent supply problems are holding back 
the recovery. 

The uncertainty surrounding the economic outlook remains high, though risks are broadly 
balanced.  The  emergence  and  spread  of  variants  of  the  virus  is  a  clear  risk.  A  premature 
withdrawal  of  policy  support  could  impact  the  recovery,  as  could  an  uneven  recovery  that 
hampers policy coordination across Member States. Meanwhile, a faster-than-expected recovery 
in other advanced economies could improve the outlook. 

As  is  typical,  the  recovery  in  the  labour  market  is  likely  to  lag  behind  the  recovery  in 
output.  While  employment  indicators  have  improved,  the  slack  in  the  labour  market 

39  Article  14(1)  of  the  SURE  Regulation.  In  any  case,  the  period  of  availability  of  the  Instrument  during  which  a 
Council  Implementing  Decision  can  be  adopted  shall  end  on  31  December  2022,  according  to  Art  12(3)  of  the 
SURE  Regulation.  Beyond  this  date,  this  support  can  be  extended  by  the  Council  every  6  months  (if  financial 
resources are still available), according to Art 12(4).  
40 See ECDC Weekly Surveillance Report (week 35), https://www.ecdc.europa.eu/en/covid-19/surveillance/weekly-
surveillance-report  

21 

 
 
                                                           
accumulated during the crisis remains substantial. The number of people employed in the EU in 
the first quarter of this year was 1.7% below its Q4 2019 level. The contact-intensive sectors that 
were  hardest  hit  by  the  pandemic  are  likely  to  take  the  longest  to  recover.  The  Commission’s 
spring  2021  forecast  projected  that  the  unemployment  rate  would  remain  at  7%  in  2022, 
compared to 6.7% in 2019, assuming policy supports are not withdrawn prematurely.  

The recovery will eventually require fiscal policy to shift from temporary emergency relief 
such  as  from  SURE  to  more  targeted  recovery  measures.  The  Commission’s  fiscal 
recommendations  in  Spring  2021  recommended  Member  States  to  continue  to  support  the 
recovery  in  2022,  in  particular  through  use  of  the  Recovery  and  Resilience  Facility  (RRF)  to 
boost investment  and reforms. This  would include active labour market  policies such as hiring 
incentives  and  entrepreneurial  support,  upskilling  and  reskilling  opportunities,  and  enhanced 
support by employment services, as advocated in the EASE Recommendation. 

As the instrument will continue to be available throughout 2022, SURE can continue to be 
used to address severe economic disturbances caused by the COVID-19 pandemic. Almost 
EUR 6 billion remains available under SURE to date, which is more than the requests for top-up 
submitted by 6 Member States in early 2021. 

V. REPORTING OBLIGATIONS UNDER THE EU SURE SOCIAL BOND FRAMEWORK 

This  report goes beyond the reporting obligation  of the SURE regulation, also  complying 
with the reporting requirement under the EU SURE Social Bond Framework41. The latter 
requires reporting on the allocation of SURE proceeds, type of expenditure and impact of SURE. 
Compared with  the first  biannual  report,  this  report has further developed relevant  information 
for  investors,  for  instance  on  specific  success  stories  (see  Box  1)  and  the  composition  of 
employees and firms benefitting from the instrument.    

The  breakdown  of  SURE  proceeds  by  beneficiary  Member  State  and  by  type  of  Eligible 
Social Expenditure is provided in Sections 1.1 and 2.2, respectively. As of August 2021, 95% 
of  the  EUR  94  billion  allocated  had  been  disbursed  to  Member  States  and  90%  of  this  has 
already  been  spent.  A  new  breakdown  of  expenditure  by  short-time  work  scheme  and  similar 
measures is provided. 

SURE public expenditure is also well aligned with the UN Sustainable Development Goals 
(SDGs). The most relevant ones are SDG 3 (Good Health and Well-being) and SDG 8 (Decent 
Work and Economic Growth). Graph 12 provides a breakdown of SURE public expenditure by 
eligible social expenditure as outlined in the Social Bond Framework: 95% is spent on reducing 
the  risk  of  unemployment  and  loss  of  income,  while  5%  is  spent  on  health-related  measures. 
These categories map closely to SDGs 3 and 8, as shown in Graph 12. 

41 The EU SURE Social Bond Framework defines a standard, which provides investors with assurances that the EU 
bonds issued within this framework relate to projects serving a true social purpose. The framework is therefore in 
line with the ICMA Social Bond Principles. 

22 

 
 
 
                                                           
The impact of SURE is reported on in Sections 2.3 and 3.1. The estimated number of people 
and firms supported by SURE in 2020 has increased since the first SURE report, due to updated 
and  improved  reporting  by  Member  States.  SURE  contributed  to  protecting  almost  1½  million 
jobs that were saved in 2020, as shown in Section 3.1. Member States have also now saved an 
estimated EUR 8.2 billion in interest payments. 

Graph 12: Social Bond Framework and SDG mapping 

SDG 3: Good 
Health and 
Well-being 

SDG 8: 
Decent 
Work and 
Economic 
Growth 

23 

Expenditure to reduce the risk of unemployment and loss of income95%Expenditure on health-related measures, in particular in the workplace5% 
 
  
 
 
Box 1: SURE Success Stories42 
The national expenditure on short-time work schemes and similar measures supported by SURE has 
helped  small  firms  and  entrepreneurs  across  the  EU.  This  box  documents  two  individual  success 
stories. 

Greece   
Dimitris Kapothanasis owns a gym in Perama, near Athens. For him and many others working 
in the fitness industry, the coronavirus crisis has been an extremely difficult time. Gyms have 
been closed due to the risk of becoming hotspots for virus transmission, leaving the owners, 
staff and personal trainers temporarily out of work. 

“Gyms in Greece are one of the industries that has suffered a huge financial impact, given that 
the owners have not had any revenues since February 2020.” 

Thanks to the national emergency measures supported under the SURE programme, gym 
employees have received a special allowance and had their social security contributions paid 
for as long as they were out of work. At the same time, owners like Dimitris and many others, 
for example Kleanthis Varelas from the town of Megara and Giorgos Ksiros from Athens, have 
been granted exemptions from paying rent, tax and insurance, and from loan obligations. 

EU financial support has helped many Greek gyms withstand the crisis, and for Dimitris, there’s 
now a light at the end of the tunnel. The secretary-general of Greece’s fitness centre 
association, Doros Kleovoulou, is also satisfied with the SURE programme. In his view, it has 
been well received by many during this difficult period. 

“Multiple support measures helped the fitness industry survive, where the impact of the crisis 
was and still is severe. We believe that the EU fully rose to the challenge.” 

Italy 
Meet Bruno Gili. He’s the president of Termomacchine, a company based in Turin that 
specialises in the design, construction and sale of specialist heating systems that run on 
electromagnetic induction – the process of generating electric current with a magnetic field. 

Established in 1976 as a family business, Termomacchine had never before needed 
government support to keep going. However, the coronavirus crisis changed everything. 

“Due to the pandemic, the volume of orders plummeted. As far as large orders are concerned, 
they froze in March 2020.” 

Fortunately the company has been receiving public support to pay employee wages even 
though the workforce is still only operating at around 40% full capacity. For Bruno it’s clear – 
EU support has been invaluable during the crisis. 

“We are certainly convinced that, without this kind of assistance, the country would not have 
been able to support companies and workers as it has done so far.” 

42  For  further  SURE  success  stories,  see  here:  https://ec.europa.eu/info/strategy/recovery-plan-europe/recovery-

coronavirus-success-stories/jobs-and-economy/shoring-up-economy-across-EU_en  

24 

 
 
                                                           
 
 
  
 
 
ANNEX 

Annex 1: Further detail on national measures 

Table A1: Evolution of short-time work schemes (STWS) or wage subsidies in SURE 
countries 

Country 

Type 

Continued/not  End (planned) date 

Belgium 
Bulgaria 
Croatia 
Cyprus 

STW 
STW 
STW 
STW 

Ongoing 
Ongoing 
Ongoing 
Ongoing 

Czechia 

STW 

Ended 

Estonia 
Greece 
Ireland 

STW 
STW 
Wage subsidy  Ongoing43 

Ended 
Ongoing 

Italy 

STW 

Ongoing 

STW 
Latvia 
Lithuania  STW 
Malta 
Poland 

Ended 
Ongoing 
Wage subsidy  Ongoing 
STW 

Ended  

Portugal 

STW 

Ongoing 

Romania 

STW 

Ongoing 

to  workers 

(main  scheme) 

30 September 2021 
31 July 2021 
31 December 2021 
October 2021 
/  October  2021 
June  2021 
(provisions  related 
in  quarantine). 
Additionally,  a  new  permanent  STWS  has  been 
legislated  that  can  be  activated  in  exceptional 
situations.  
May 2021 
31 September 2021 
31 December 2021 
1 July 2021 (ordinary scheme) / 31 December 2021 
(firms not qualifying or having exhausted rights for 
the ordinary scheme) 
June 2021 
31 August 2021 
31 December 2021 
30 June 2021 
Until the end of the  month in  which, by legislative 
or  administrative  decision,  measures  restricting 
economic  activity  are  in  place  within  the  scope  of 
the COVID-19 pandemic 
3  months  after  cessation  of  state  of  alert  (the  latter 
being  prolonged  every  month  -  currently  until  12 
September 2021) 
December 2021 
30 September 2021 
30 September 2021 

+/-/= 
generosity  
= 
- 
- 
+ 

+ 

- 
- 
+ 

- 

+ 
+ 
- 
+ 

+ 

= 

Slovakia 
Slovenia 
Spain 
Note: The generosity of STW is evaluated at face value by the legal changes in the coverage and the level of income support.  

Ongoing 
Ongoing 
Ongoing 

STW 
STW 
STW 

+ 
= 
+ 

43 Since 1 September 2020, Ireland’s wage subsidy scheme is  ongoing, albeit with different specifications than the 
scheme supported by SURE. 

25 

 
 
 
 
 
                                                           
Annex 2: Further detail on SURE transactions and disbursements 

Table A2: Key Statistics of the EU’s SURE Borrowing Transactions (EUR) 

Tranche 

Size of bond 

Yield 

Spread 

SURE #5 
15 year 

9 bn 

0.228% 

SURE #6 

SURE #7 

5 year 

8 bn 

-0.488% 

25 year 

5 bn 

0.476% 

8 year 

8.137 bn 

0.019% 

25 year 

6 bn 

0.757% 

MS-4 bps 

MS-14 bps 

MS+1 bps 

MS-2 bps 

MS+17 bps 

Spread to Bund (bps) 

Spread to OAT (bps) 

New Issue Concession 

33.4 

-2.6 

2 

20 

3.1 

34.4 

-11 

1.5 bps 

1.5 bps 

31.5 

-1.2 

2 bps 

40.6 

-21 

2.5 bps 

Total investor demand 

46.5 bn 
Note: These statistics refer to the Commission’s borrowings on behalf of the Union. New issue concession refers to the premium 
paid to investors purchasing a new-issue bond over the spread at which corresponding bonds would be expected to trade in the 
secondary market. 

37.5 bn 

51.2 bn 

86 bn 

40 bn 

26 

 
 
 
Table A3:  Disbursements to Member States under SURE (in EUR billion) 

1st EU SURE 
issuance  
Transaction: 
20.10.2020  
Disbursement: 
27.10.2020 

2nd EU SURE 
issuance 
Transaction: 
10.11.2020 
Disbursement: 
17.11.2020 

3rd EU SURE 
issuance 
Transaction: 
24.11.2020 
Disbursement: 
01.12.2020 

4th EU SURE 
issuance 
Transaction: 
26.01.2021 
Disbursement: 
02.02.2021 

5th EU SURE 
issuance 
Issuance: 
09.03.2021 
Disbursement: 
16.03.2021 

6th EU SURE 
issuance 
Issuance: 
23.03.2021 
Disbursement: 
30.03.2021 

7th EU SURE 
issuance 
Issuance: 
18.05.2021 
Disbursement: 
25.05.2021 

Total 
disbursem
ents 

% of total 
requested 

Avg. 
maturi
ty 

Country 

Total 
loan 
amount 

Belgium 

Bulgaria 

Croatia 

Cyprus 

Czechia 

Estonia 

Greece 

Hungary 

Ireland 

8.2 

0.5 

1.0 

0.6 

2.0 

0.2 

5.3 

0.5 

2.5 

10y  20y  Total  5y  30y  Total 

15y 

2.0 

0.3  0.2 

0.2  0.1 

0.5 

0.3 

7y  30y  Total 

15y 

5y  25y  Total  8y  25.6y  Total 

1.3  0.7  2.0 

1.3  0.9 

2.2 

1.1  0.9 

0.5 

0.3  0.2 

2.0 

0.5 

0.2  0.1  0.2 

0.1  0.0 

0.1 

1.0 

1.0 

1.0 

1.0  1.0 

2.0 

0.7 

0.7 

0.2 

0.2  0.1  0.3 

0.1  0.1 

1.6  0.9 

0.2 

2.5 

Italy 

27.4 

5.5  4.5  10.0  3.1  3.4 

Latvia 

0.3 

Lithuania 

1.0 

Malta 

0.4 

0.1  0.0 

0.2  0.1 

0.1  0.0 

6.5 

0.1 

0.3 

0.1 

4.5 

4.5 

3.9 

0.0  0.0  0.1 

0.3 

0.1 

1.3  1.2 

0.7  1.2 

2.5 

1.9 

0.8 

0.1  0.0 

0.2  0.2 

0.1  0.1 

0.8 

0.1 

0.4 

0.2 

1.6 

2.4 

1.5  0.9 

Poland 

11.2 

1.0  0.0  1.0 

2.6  1.7  4.3 

1.4 

1.4 

1.1  0.5 

8.2 

0.5 

1.0 

0.6 

2.0 

0.2 

5.3 

0.5 

2.5 

100.0% 

14.7 

100.0% 

15.0 

100.0% 

14.3 

100.0% 

14.7 

100.0% 

10.1 

100.0% 

15.0 

100.0% 

14.5 

100.0% 

14.7 

100.0% 

14.7 

27.4 

100.0% 

14.8 

0.3 

1.0 

0.4 

8.2 

5.4 

3.0 

0.6 

1.1 

100.0% 

14.6 

100.0% 

14.7 

100.0% 

14.6 

73.3% 

13.0 

91.2% 

14.6 

73.2% 

14.6 

100.0% 

14.9 

100.0% 

14.8 

Portugal 

Romania 

Slovakia 

5.9 

4.1 

0.6 

Slovenia  

1.1 

3.0 

3.0 

0.3 

0.2  0.0 

0.2 

Spain 

21.3 

3.5  2.5  6.0  2.9  1.2 

4.0 

0.5  0.4  0.9 

1.0  1.0 

Total 

94.3 

10.0  7.0  17.0  8.0  6.0  14.0 

8.5 

10.0  4.0  14.0 

0.3 

2.9 

9.0 

27 

2.4  1.7 

4.1 

1.9  1.4 

3.4 

21.3 

100.0% 

14.7 

8.0  5.0 

13.0  8.1  6.0 

14.1 

89.6 

95.1% 

14.5