EU’s US$1.5 billion Coronavirus Global Response pledge includes further $734 million for COVID-19 research

During the May 4, 2020, Global Coronavirus Response virtual pledging conference, the European Commission committed a total of €1 billion (US$1.1 billion) in grants, as well as €400 million (US$442 million) in guarantees on loans. This includes €100 million (US$110 million) that will be provided for the Coalition for Epidemic Preparedness Innovations (CEPI) and €158 million (US$174 million) for the World Health Organisation (WHO). 
The €1.4 billion (US$1.5 billion) pledge repackages funding committed since January, including €400 million (US$442 million) for the EU’s civil protection mechanism 'RescEU', the Emergency Support Instrument to support EU health systems, and external instruments, alongside €325 million (US$353 million) of already announced funding for research. New commitments include an additional €675 million (US$734 million) of Horizon 2020 funding to be re-allocated to research on COVID-19. 
The pledge consists of all reallocated funds because the EU is in the final year of the 2014-2020 multiannual financial framework and is thus unable to increase the 2020 budget.

News article - Science|Business
Factsheet - European Commission