The German government has approved a stimulus package of more than 750 billion EUR (800 billion USD), which will try to prevent negative effects on the economy from the spread of coronavirus.

The strongest European economy will increase loans by 150 billion EUR (160 billion USD) this year, as well as adopt an additional budget of 156 billion EUR (167 billion USD). According to various media reports, the government, led by Chancellor Angela Merkel, is also setting up a 500 billion EUR bailout for critical industries.

“Germany has done the right thing by approving the Bazooka”, commented the country’s Economy Minister Peter Altmaier.

The fiscal stimulus has been promised at a time when Italy is tightening its blockade after the death toll of a coronavirus there has exceeded 5,000 and Spain has decided to extend its state of emergency until April 11th.

As of Monday, there were 27,546 confirmed cases of coronavirus and 115 deaths in Germany.

Angela Merkel has been quarantined over the weekend after contacting her doctor, who was later diagnosed with coronavirus.

“All of this is to help the business quickly and without unnecessary red tape”, said Peter Altmaier.