On Wednesday morning, the country’s Prime Minister Giuseppe Conte and the Minister of Economy Roberto Gualtieri proposed additional resources to support the country in this health emergency for a total of 25 billion euros. The amount is to be channeled in the national health system and to back families and industries.
Gualtieri said the decree is expected to be approved by the Council of Ministers on Friday. Initially, 12 billion euros will be used to face the emergency, while the remaining sum will be shelved for future interventions.
This is an additional injection of funds in the country as the government had planned to allocate 7.5 billion euros to support the economy, double the amount proposed earlier in the month.
Italy is in a lockdown until April 3, enforcing restrictive measures to contain the rapid spread of COVID-19. As of March 10, Italy counted 10,149 infected patients and 631 deaths.
As reported, Claudio Marenzi, president of Confindustria Moda, the association that groups more than 65,000 companies operating in the fashion industry, and chief executive officer of outerwear brand Herno, told WWD that the coronavirus crisis might have a negative impact on the industry for more than a year.
On Tuesday, Salvatore Ferragamo ceo Micaela Le Divelec Lemmi, commenting an uptick in profit and revenues last year, underscored how unprecedented the COVID-19 spread and crisis was. “The evolving nature and uncertainties of the duration of the virus make it impossible to [provide forecasts] for 2020,” she said. “There will be an impact on 2020, and we are putting measures to mitigate the effects, and to strengthen our long-term strategies, reevaluating orders, monitoring costs that are not strategic and renegotiating contracts.”