The EU plans a record-breaking new stimulus package of $826 billion to soothe Europe's economic pain from the coronavirus

• The European Commission will propose a 750 billion euro ($826 billion) stimulus package on Wednesday to help the EU recover from a deeply entrenched recession brought on by the coronavirus.
• Although a formal announcement is not expected until later Wednesday, Paolo Gentiloni, the European Commissioner for the Economy, tweeted about the package, confirming its value.
• He described it as: "A European turning point to face an unprecedented crisis."
• The package will be the biggest in European history, far outstripping the post-World War II Marshall Plan.
• The European institution aims to fund its recovery plan by raising unprecedented sums on the financial markets, and through a bevy of EU levies and taxes on a range of industries over the coming decades.
• The euro gained 0.4% on the EU's recovery plan and stood at $1.10 in European trading.
• Visit Business Insider's homepage for more stories.

The European Commission unveiled a planned deployment of 750 billion euros ($826 billion) on Wednesday as part of its new long-term budget and recovery plan to help fight the impact of the coronavirus on the continent's economy.

The European Union executive arm's groundbreaking push to aid the economic recovery of Europe against the coronavirus crisis will be paid for by raising funds from financial markets, according to multiple reports.

Out of the total package, 500 billion euros will be categorized under non-repayable grants, while 250 billion euros will be considered as loans, Reuters reported, citing Germany broadcaster n-tv.

Although a formal announcement is not expected until later Wednesday, Paolo Gentiloni, the European Commissioner for Economy, said in a tweet: "The commission proposes a 750 billion Recovery Fund which is added to the common instruments already launched. A European turning point to face an unprecedented crisis."

Germany's DAX rose 1.6% in European trading, and the pan-continental Euro Stoxx 50 rose 1.7%.

The euro gained 0.4% on the news and stood at $1.10 as of 11.40 a.m. in London.

Over coming decades, the commission is proposing an array of new EU taxes and levies on a realm of industries ranging from tech giants to single-use plastics to repay the expected debt burden, and eventually raising billions of euros a year, according to the Financial Times.

SEE ALSO: Global stocks are mixed after Trump promised 'interesting' action against China, while Europe awaits a huge new stimulus package »

READ NOW: TikTok owner ByteDance reportedly hit $3 billion in net profit in 2019 »