The European Commission has announced the creation of a strategic stockpile of medical equipment in light of the COVID-19 pandemic.
This will include items such as ventilators and protective masks to help EU countries.
European Commission President Ursula von der Leyen said: "With the first ever common European reserve of emergency medical equipment we put EU solidarity into action.
"It will benefit all our member states and all our citizens. Helping one another is the only way forward."
Medical equipment part of the stockpile will include items such as ventilators, reusable masks, vaccines, therapeutics and laboratory supplies.
The EU Commissioner for Crisis Management, Janez Lenarčič, added: "The EU is taking action to get more equipment to member states.
"We are setting up a rescEU stockpile to rapidly get the supplies needed to fight the coronavirus.
"It will be used to support member states facing shortages of equipment needed to treat infected patients, protect health care workers and help slow the spread of the virus.
"Our plan is to move ahead without delay."
European Commission President Ursula von der Leyen speaks at a press conference in Belgium, Brussels in March 2020The stockpile will be hosted by one or several EU states, who will be responsible for procuring the equipment.
The commission will finance 90% of the stockpile.
The Emergency Response Coordination Centre will manage the distribution of the equipment to ensure it goes where it is needed most.
The initial EU budget of the stockpile is €50m - of which €40m is subject to the approval of budgetary authorities.
Member states are also in the process of purchasing personal protective equipment, respiratory ventilators and items necessary for coronavirus testing.
The EU says this coordinated approach gives states "a strong position" when negotiating with the industry on availability and price of medical products.
Once the measure enters into law on Friday March 20th, states wishing to host stockpiles can apply for a direct grant from the European Commission.
This grant covers 90% of the costs of the stockpile, while the remaining 10% is borne by the member state.
RescEU is part of the EU Civil Protection Mechanism with a view to improving prevention, preparedness and response to disasters.
To date, all EU member states participate in the mechanism - as well as Iceland, Norway, Serbia, North Macedonia, Montenegro and Turkey.
Since its inception in 2001, the EU Civil Protection Mechanism has responded to over 330 requests for assistance inside and outside the EU.
