Switzerland earmarks CHF750 million to stock vital goods
Over the next ten years, the Swiss government wants CHF750 million ($852 million) in its pocket to guarantee the storage of vital goods.
On Monday, the Senate unanimously approved a credit request from the Federal Council for this purpose.
In order to counter serious shortages, the goverenment recommends the stockpiling of certain goods in the food, energy and pharmaceutical sectors. These reserves do not belong to the government.They are held and financed by the private sector.
However, Bern is facilitating the financing of the stocks by providing guarantees on the bank loans required by the companies concerned. The current loan of CHF540 million expires at the end of 2024. A new credit is required for the guarantees granted by Switzerland for the years 2025 to 2034.
+ Why Switzerland stockpiles for possible emergencies
According to the government’s calculations, credit requirements between now and the end of 2024 amount to 380 million for petroleum products, 330 million for foodstuffs, 20 million for therapeutic products (such as vaccines), and 10 million each for fertilisers and industrial products.
The government is counting on a possible increase in compulsory reserves in the food, energy and therapeutic products sectors, according to Economics Minister Guy Parmelin. The Federal Office for National Economic Supply is assessing the vital goods concerned. This review could lead to the creation of new compulsory reserves by the end of 2034.
The House of Representatives will also have to decide.
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