The package will include grants and loans for each of the 27 EU Member States.
The pandemic has devastated the economies of the countries of the bloc, but several southern states had large debts even before the crisis.
"This is Europe's moment," European Commission President Ursula von der Leyen said.
The European Union’s executive unveiled a 750 billion euro plan on Wednesday to prop up economies hammered by the coronavirus pandemic, hoping to end months of squabbling over how to fund a recovery that exposed faultlines across the 27-nation bloc. (Reuters) pic.twitter.com/1ebmpapkJL