German govt agrees on €65b cost-of-living support package

After talks that went through Saturday night and into Sunday morning, the German government announced a support package of more than €65 billion to help residents amid skyrocketing energy costs and inflation, reported dpa.

Measures include a new, cheaper national public transport ticket, a lump sum paid to pensioners and students, of €300 and €200 respectively to help with energy costs, an increase in benefits, and an increase in the monthly sum paid to parents for each child - of €18 for the first and second child.

Furthermore, the government will introduce lower prices for a certain basic level of energy consumption, so that consumers only have to pay higher prices once they exceed this amount.

The package is aimed at "all households - also pensioners, students, technical students, and apprentices," the government said in a statement.