European Commission proposes €50 billion aid package for Ukraine

European Commission President Ursula von der Leyen has outlined a 50 billion euro ($54.6 billion) aid package for Ukraine for the next four years, CNBC reports.

The package would be in the form of a budget reserve from the EU's 2021-27 budget, and it was proposed ahead of an international conference being held in the UK aimed at raising more funds for Ukraine's reconstruction.

"This financial reserve will allow us really to calibrate our financial support according to the evolution of the situation on the ground," von der Leyen said.

"We have exhausted all flexibility in our EU budget to deal with crisis after crisis," von der Leyen tweeted. "Now we come with a targeted proposal to better act on the most pressing issues," the post read, listing "Ukraine," "migration and external challenges," and "strengthening our competitiveness."

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