Italian Prime Minister Giuseppe Conte on Monday announced a new stimulus programme designed to inject up to 400 billion euros ($430 billion) into businesses damaged by the coronavirus pandemic, AFP reports.

Conte told the nation in a television address that the measure represented “the most powerful intervention in the country's history”.

The programme will add to the 340 billion euros in government-backed loans announced last month.

“We will soon see a new spring for Italy but for the moment we must stay at home,” Conte said.