The German chancellor announced the largest aid package to date, worth 65 billion euros

Germany is coming up with additional measures that aim to protect consumers and businesses from the effects of soaring inflation, worth 65 billion euros (1.6 trillion crowns). A windfall tax will be used to lower gas, oil and coal prices for consumers, Chancellor Olaf Scholz announced.

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Description: Olaf Scholz

The three parties in the government coalition agreed today on the measures, which include proposals to extend discounts on public transport and tax breaks of 1.7 billion euros (41.7 billion crowns) for 9,000 energy-intensive businesses. “It’s the biggest of the three packages so far,” Scholz said at a press conference.

Original source HERE.

“Due to the rapid rise in energy prices, quick and adequate assistance to citizens and businesses is necessary,” the government document said, according to AFP. The aid package also includes a check for students and pensioners and an increase in housing allowance, according to the document.

The German government will therefore use windfall tax revenue to lower gas, oil and coal prices for end consumers, Scholz announced.

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