Coronavirus latest: ECB launches multi-billion euro ‘pandemic emergency’ scheme

Times of News

6 years ago

The European Central Bank (ECB) is launching a €750 billion ($820 billion) emergency bond-buying scheme
German Chancellor Angela Merkel said the country is facing its biggest challenge since World War II
Iran’s death toll spiked by nearly 15% after 147 people died of COVID-19 in one day

Read more: Merkel says coronavirus is Germany’s greatest challenge since World War Two

Updates in Universal Coordinated Time (UTC/GMT)

02:20 The number of new coronavirus infections in South Korea rose by 152 since the previous day, reported its Center for Disease Control and Prevention.

02:03 An international gathering of Muslims on Indonesia’s Sulawei island has been canceled over concerns the event could spread the coronavirus. Thousands of Muslims who part of the Tablighi Jamaat missionary movement had already arrived ahead of the four-day event before it was called off.

01:57 The Philippines stock index slumped 12% as soon as trading resumed after a two-day pause amid coronavirus quarantine measures. The decline triggered the circuit breaker, a 15-minute trading suspension when the broader index drops at least 10% in one day.

01:50 Italy reported 476 deaths from the virus in the past 24 hours — the highest single-day coronavirus death toll of any country.

01:44 Argentina is building 10 new hospitals to cope with an expected increase in coronavirus cases. Eight of the 10 clinics will be built in the provinces of Buenos Aires, Chaco, Cordoba and Santa Fe.

01:30 China’s health ministry says the virus epicenter of Wuhan and its surrounding Hubei province reported no new cases over the past 24 hours. The country detected a total of 34 new cases from people traveling to the country from abroad. A total of 8 deaths were reported, all in Wuhan

00:58 New Zealand advised its citizens not to travel overseas, raising its travel advice to the highest alert level.

“This is the first time the New Zealand government has advised New Zealanders against travelling anywhere overseas. That reflects the seriousness of the situation we are facing with COVID-19,” said Foreign Minister Winston Peters in a statement.

00:50 The northern Hokkaido prefecture in Japan is ending its emergency special measures on Thursday that were enacted to counter the spread of coronavirus. The prefecture will begin a new phase from March 20 to wind down its response to the virus. Hokkaido reported a total of 154 infections on Wednesday out of a total of 907 infections reported for the whole of Japan.

00:45 Twitter has become the latest social media platform to take action against false coronavirus information. It will stop users from spreading misinformation about the novel coronavirus, said the company in a blog post on Wednesday.

00:35 French President Emmanual Macron said on Twitter that he fully supports the ECB’s bond-buying scheme to support the euro.

He called for greater solidarity in the eurozone, saying: “Our people and our economies need it.”

00:25 US President signed the coronavirus relief bill into law on Wednesday. The package, worth around $100 billion (€91 billion), allows for free testing and paid sick leave for many workers across the US.

00:10 The European Central Bank (ECB) has launched a €750 billion ($820 billion) “Pandemic Emergency Purchase Program” to buy up government and corporate bonds. This should enable countries to reduce borrowing and boost economic stimulus.

It has been launched to help support the euro as restrictive measures brought in to combat the COVID-19 outbreak have caused economic activity across Europe to slow dramatically.

Greece will be able to join in the program — it has been previously excluded from the ECB’s previous bond-buying schemes owing to a low credit rating of its banks.

The decision came after the bank’s 25-member governing council held emergency talks by phone late on Wednesday. The scheme will be temporary, but will last at least until the end of 2020.

President of the ECB Christine Lagarde tweeted after the announcement: “Extraordinary times require extraordinary action. There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate.”

00:02 Catch up on yesterday’s coronavirus developments here: Germany shuts down borders, halts public life

Coronavirus: The consequences for tourism

Africa’s measures to deal with the pandemic

African countries have also ordered numerous measures to prevent the spread of the coronavirus. South Africa, for example, has banned access to the country for people coming from risk areas. Nigeria is monitoring the temperature of travelers at airports, ports and borders. Cameroon has closed its borders indefinitely.

Coronavirus: The consequences for tourism

Australia bans foreign travel

The Australian government has imposed an indefinite ban on all foreign travel by its citizens. Prime Minister Scott Morrison also called on all Australians who are abroad to return home. A 14-day compulsory quarantine for all people entering the country has already been in place for some time. Here, too, it has become quiet in the cities.

Coronavirus: The consequences for tourism

Tourism in Germany comes to a halt

The coronavirus crisis is impacting travelers and the tourism industry with full force. Several tour operators, including TUI, has cancelled trips, and some airlines are shutting down. Germany’s federal and state governments decided that overnight stays should only be used for “necessary and explicitly not for touristic purposes”. Germans are to “no longer take holiday trips at home and abroad”.

Coronavirus: The consequences for tourism

EU external borders closed

The EU has closed its entire external borders for 30 days as from Tuesday (March 17, 2020). “All travel between non-European countries and the European Union will be suspended for 30 days,” French President Macron said in a television address on Monday (March 16,2020) evening. The Schengen Area, which includes several non-EU countries, has also closed its external borders.

Coronavirus: The consequences for tourism

Germany brings travelers back home

More and more countries are sealing their borders, and many flights are cancelled. With special flights Lufthansa and its subsidiary Eurowings want to bring up to 6,500 stranded holidaymakers from the Caribbean, the Canary Islands and on Mallorca back to Germany. In Morocco, the German government is assisting German tourists who are stranded there due to their return flights being cancelled.

Coronavirus: The consequences for tourism

Germany partially closes its borders to tourists

On Monday morning (March 16, 2020), Germany introduced entry controls at the borders with the five neighboring countries: France, Denmark, Luxembourg, Austria and Switzerland. Border crossings will be reduced to what is strictly necessary. Goods can continue to pass through, including commuters, but not travelers without good reason. The duration of the measures remains open.

Coronavirus: The consequences for tourism

North German islands closed for tourists

Whether Spiekeroog, Sylt or Rügen: Vacation on the northern German islands in the North and Baltic Sea is no longer possible as of March 16, 2020. Those who had already moved into their accommodation have been asked to return home. The health systems of the islands are not equipped to deal with large numbers of infected people. Regulations are to follow for mainland tourism.

Coronavirus: The consequences for tourism

Disneyland Paris closes

Disneyland Paris and Disney World Florida have closed until the end of the month. Disney Cruise Line have also suspended all new departure through the same period. The company said the decision was made “with great caution” to protect guests and employees. The company said the parks in Tokyo, Hong Kong and Shanghai, which had already been closed, will also remain shut.

Coronavirus: The consequences for tourism

Austrian ski regions end season early

All ski areas in the Austrian provinces of Salzburg and Tyrol are ending the winter season early. Cable car operation will be discontinued as of Sunday (March 15, 2020). Hotels and accommodations will be closed from Monday. The provincial governments said that this should slow down the spread of the virus in the Alpine country. The two provinces account for most leading Austrian ski areas.

Coronavirus: The consequences for tourism

USA: Entry ban for Europeans

Due to the spread of the coronavirus, the USA is imposing a general 30-day travel ban on people from Europe. The entry ban comes into force on Friday (March 13, 2020) at midnight (local time). It does not apply to US citizens residing in Europe who have tested negative for the pathogen.

Coronavirus: The consequences for tourism

India imposes entry ban

India has declared all tourist visas invalid for 1 month because of the corona virus. Only travelers who are already in the country are allowed to stay, the Indian Ministry of Health announced on Wednesday (March 11, 2020). The entry ban is to last until April 15 for the time being.

Coronavirus: The consequences for tourism

China closes access to Mount Everest

Climbing Mount Everest via the north side has been forbidden by Chinese authorities. The necessary permits for expeditions to the world’s highest mountain were withdrawn on Thursday (March 12, 2020).

Coronavirus: The consequences for tourism

Italy increasingly sealed off

In order to reduce the spread, the border into neighboring Austria can only be crossed from Italy with a medical certificate. Slovenia has closed its border, and Albania has banned Italian air and ferry traffic. Many airlines have cancelled flights to Italy until at least 3 April. Germany, the UK, and Ireland tightened travel recommendations and called on their citizens to leave.

Coronavirus: The consequences for tourism

Mediterranean cruises put on hold

The Costa Crociere shipping company is cancelling all cruises in the Mediterranean for the time being. The cruises will be suspended until April 3, the Italian company announced on Tuesday (March 10). The measure affects thousands of passengers. Ships still operating in the Mediterranean will only call at Italian ports to let passengers disembark.

Coronavirus: The consequences for tourism

Reichstag dome closed for visitors

The dome and roof terrace of the Reichstag parliament building in Berlin have been closed to visitors since Tuesday (March 10, 2020) until further notice to prevent the possible spread of the coronavirus. The walkable dome and the roof terrace are visited by more than 2 million people every year, according to the Bundestag.

Coronavirus: The consequences for tourism

Winter sports season in Italy ended early

All ski facilities in Italy have been closed since Tuesday (March 10, 2020) due to the corona crisis. Prior to this, hoteliers and cable car operators in the South Tyrol region (photo) had already agreed to close their facilities. South Tyrol is particularly popular with winter sports tourists from Germany and Eastern Europe. The closure is effective until at least April 3.

Coronavirus: The consequences for tourism

Travel warnings and border controls

The Czech Republic (picture) and Poland are carrying out checks at the border with Germany to protect against the spread of the coronavirus. Since Monday (March 9), travelers have faced random temperature checks. The German government has warned against travelling to risk areas. And air passengers from China, Japan, South Korea, Iran and Italy will have to expect controls when entering Germany.

Coronavirus: The consequences for tourism

Italy in crisis

On March 8 the Italian government issued an entry and exit ban for the more than 15 million inhabitants of the northern Italian regions, which include the key business center Milan and the tourist magnet of Venice (photo). Cultural, sporting and religious events are also banned for visitors. Museums, cinemas and theaters remain closed nationwide.

Coronavirus: The consequences for tourism

Cruises a risk factor

Repeatedly cruise ships have to be quarantined or prevented from docking. After cancellations in Thailand and Malaysia, the Costa Fortuna (photo) with 2,000 passengers, including 64 Italians, has been allowed to enter the port of Singapore. In Oakland, California, 2,000 passengers and 1,100 crew members of the Grand Princess are quarantined because 19 of them have tested positive for COVID-19.

Coronavirus: The consequences for tourism

Asia fears dramatic setbacks

Sights in Asia are particularly affected by travel restrictions for Chinese tourists. Hotspots such as the Senso-ji temple (picture) in Tokyo and the temple complexes of Angkor Wat in Cambodia are reporting a sharp drop in visitors. On March 9, the Ministry of Tourism in Thailand reported a 44% drop for February. Tourism accounts for 11% of the gross domestic product.

Author: Andreas Kirchhoff, Susan Bonney-Cox