South Korean president-elect Yoon Suk-yeol's government will compensate 5.5 million owners of small businesses for losses suffered from Covid-19 curbs, the head of his transition team said.

Yoon is expected to take office on May 10, and the team said in a statement that losses in operating income suffered by such businesses were estimated at 54 trillion won ($42 billion) because of curbs during the 2020-2021 period.

It did not say exactly how much would be paid, however, or state the size of a supplementary budget that is expected, Reuters reports.