How Much Disaster Relief Do Other Countries Provide? "US $3,450 for a Family of Four"

[Asia Economy Reporter Naju-seok] As the global economy has been paralyzed by the novel coronavirus infection (COVID-19), countries around the world are rolling out special measures such as disaster basic income. The emergency disaster relief fund of 1 million won for the bottom 70% income households prepared by the Korean government is smaller than the support funds in the United States or Hong Kong, but it is expected to have a wider coverage compared to Australia, which plans to provide selective payments to the unemployed and others.

The United States has prepared a total of $2.2 trillion (approximately 2,687 trillion won) in economic stimulus measures related to COVID-19. Among these is a $250 billion cash payment plan. Households with an annual income of $75,000 or less ($150,000 for married couples) will receive up to $1,200 per adult and $500 per child.

A four-person household (a couple and two children) with a combined income under $150,000 will be able to receive $3,400 (approximately 4.14 million won). Individuals do not need to go through a separate application process; recipients are identified based on last year’s tax filing information, and the payments are deposited directly into each individual’s bank account. Steven Mnuchin, the U.S. Treasury Secretary, expected the payments to be received within three weeks.

In Hong Kong, the budget announced on the 26th of last month stated that all permanent residents aged 18 and over will receive 10,000 Hong Kong dollars (approximately 1.57 million won). The support target is about 7 million people. In Hong Kong’s case, the measure is also aimed at responding to the economic downturn caused not only by COVID-19 but also by last year’s Hong Kong protests.

In Japan, although not yet finalized, it is reported that a plan is under discussion to provide 200,000 to 300,000 yen (approximately 2.27 million to 3.41 million won) per household depending on eligibility criteria.

Canada has decided to provide up to 2,000 Canadian dollars (approximately 1.5 million won) per month for up to four months to people who cannot work due to COVID-19 and other reasons. The support targets include the unemployed, those under quarantine, family members infected with COVID-19, and those unable to work due to childcare purposes.

In Australia, on the 12th of this month, it was announced that 750 Australian dollars (approximately 560,000 won) will be paid to the unemployed, pension recipients, and vocational training students. The support target is expected to be 6.5 million out of Australia’s population of 25 million. The payments will begin on the 31st.