Germany has promised its companies the biggest economic aid package in the country's post-war history to help them cope with the impact of COVID-19.

'Unlimited' credit has been offered to keep the country's economy afloat during the ongoing coronavirus outbreak.

Germany's Finance Minister Olaf Scholz reassured businesses during a press conference alongside the Minister of Economics and Energy Peter Altmaier today.

Mr Scholz said: 'There is no upper limit to the credit offered by (state-owned development bank) KfW, that's the most important message.'

German Minister of Finance Olaf Scholz, left, and Minister of Economics and Energy Peter Altmaier, right, held a press conference on the coronavirus outbreak and the economic impact in Berlin today

Some €550 billion (£488 billion) in government-backed loans is just 'for starters', added Mr Altmaier.

'We promised that we will not fail because of a lack of money and political will. This means that no healthy company, no job should find themselves in trouble,' he said.

'We will reload our weapons if necessary,' added Altmaier.

The ministers also signalled that Berlin has enough funds in its treasury for a long battle.

'If it lasts longer, we can go on longer,' said Scholz. 'You can be courageous, the risks will be carried by us.'

German Minister of Finance Olaf Scholz, right, leaves after a press conference on coronavirus and economic impact in Berlin

The package, even in its first stage, is bigger than the €500 billion (£444 billion) offered by the German government during the 2008 financial crisis.

Chancellor Angela Merkel vowed on Wednesday to do what it takes to tame the coronavirus crisis, signalling she was even ready to suspend the cherished dogma of keeping Germany's budget balanced.

'It is an extraordinary situation, we will do what's necessary and luckily Germany is relatively robust... we will do what we can to get through this situation well, and we will see at the end of that where our budget stands,' she said, stressing that ending the virus crisis 'comes first'.

Travellers don face masks as they walk through Terminal A at Tegel Airport in Germany

Germany has now recorded over 2,300 cases of the coronavirus and seven people have died, according to the latest tally by DPA news agency.

As concern grows, Germany's regional states have one by one announced that schools, daycare centres and kindergartens would be closed from Monday.

Among them were Germany's most populous state of North Rhine-Westphalia, home to some 18 million people, as well Bavaria, Baden-Wuerttemberg and Berlin.

Merkel's government has in recent days ramped up its response to fight not only the virus but also the impact of the contagion.

A map showing the latest virus cases around the world, with Italy now recording the highest number of cases outside mainland China

With demand from abroad collapsing, Europe's biggest economy's vital export industries are particularly vulnerable.

Germany is rushing through new regulations to allow more employees forced into shorter working hours to qualify for compensation.

The government had also already agreed to boost investments by €3.1 billion per year between 2021 and 2024.

The hike in investments totalling €12.4 billion will be entirely funded by 2019's budget surplus, the coalition had announced on Monday after overnight talks.

Deka Bank chief economist Ulrich Kater said Friday's guarantee package is a 'whatever it takes from the government'.

'Like how the ECB acted correctly during the eurozone crisis, the government is now doing the same in the coronacrisis,' he noted, saying that the measures to help particularly small and medium-sized companies through the crisis are 'absolutely sensible'.

'This is just the news that can stop the downward spiral.'