The Commission said the funds will help migrants and refugees "facing a humanitarian disaster" by financing warm clothing, blankets, food, healthcare and mental health and psychological support.
Euronews correspondent, Meabh McMahon, speaks to the EU commissioner for financial services, financial stability and Capital Markets Union, Mairead McGuinness, to discuss Brexit, the COVID recovery plan and the banking union.
A spate of recent terrorist attacks prompted the European Commission (EC) to publish the measures earlier than initially planned.
Brussels has made a festive warning and called on EU countries to remain vigilant against coronavirus until a vaccine is widely available.
"Being forced to breathe dirty air is unacceptable in the 21st century. Now, in the face of COVID-19, we have all been reminded of how important it is to protect respiratory health," said environmental NGO Client Earth.
The EU wanted to raise 17 billion euros on capital markets to fund its short term employment scheme known as SURE. It's first test went above and beyond expectations.
Brussels is launching new joint procurements for testing and medical equipment for vaccination as a second wave of the deadly COVID-19 pandemic unfurls across the bloc.