Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Spain approves $9.5 billion aid package for vulnerable families

Economy Jun 25, 2022 10:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: A pensioner hangs his clothes on the terrace of his house in Barcelona, Spain, May 13, 2022. REUTERS/Nacho Doce

MADRID (Reuters) - Spain announced a 9 billion euro ($9.50 billion) package of measures on Saturday to help its most vulnerable households cope with soaring energy prices and inflation, including subsidies for transport and a 80% reduction in energy bill taxes.

The announcement of the measures came after the government agreed the package of 5.5 billion euros ($5.80 billion) in spending for families and 3.6 billion euros ($3.80 billion) in tax cuts in an extraordinary cabinet meeting.

Pensions will be raised by 15% for the most vulnerable on retirement, including widows and the disabled, representing a 60 euro ($63) monthly increase.

From September, a 50% reduction will be introduced for those who already receive subsidised travel on national state rail or bus services plus a 30% cut for those using regional services.

Self-employed people on low incomes below 14,000 euros ($14,775) per year or who are unemployed will receive a one-off payment of 200 euros ($210). Prices for gas canisters, a common way to heat homes in Spain, will be fixed until 31 December.

Those most exposed to energy price rises, including the fishing industry and farmers, will be eligible for social security exemptions.

"We govern for the middle and working classes of this country although we know that this annoys some economic powers," Sanchez told reporters.

The government will introduce a bill to cut VAT on electricity bills by half to 5% which Sanchez said should come into force from January.

The new package will be in force until the end of 2022, Sanchez said on Friday.

The package follows measures approved in March and in force until the end of June, worth six billion euros in direct aid and tax cuts and 10 billion euros in soft loans to help companies and households cope with higher fuel prices.

($1 = 0.9475 euros)

Spain approves $9.5 billion aid package for vulnerable families

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email