The EU's executive body said that its "European Globalisation adjustment Fund" would set aside 500.0 million euros (600.0 million dollars) each year which could be used by 50,000 workers, especially in worst-hit regions.

The package will provide a one-off form of support for people including aid such as wage allowances, re-training and concrete assistance to find new jobs.

The measures, to be spread over 18 months, are designed to help workers laid off by multinational or national companies, including smaller businesses, to find and keep a new job.

"It's a kind of European insurance policy to be activated in times of particular need," European Commission President Jose Manuel Barroso told reporters as he presented the fund.