Netflix creates $100 million emergency fund for coronavirus support

Netflix announced on Friday the establishment of a $100 million emergency fund to provide assistance to the creative community, television and film production crews, as the novel coronavirus spreads and wreaks havoc on the global economy.

The state of play: A significant portion of the fund is dedicated to backing Netflix's own production crews around the world. The company has committed to paying its staff and casts for two weeks on already suspended productions.

• $15 million from the fund will go to third parties and nonprofits providing emergency relief to out-of-work production teams in countries where Netflix has a large presence.

"The Covid-19 crisis is devastating for many industries, including the creative community. Almost all television and film production has now ceased globally - leaving hundreds of thousands of crew and cast without jobs. These include electricians, carpenters, drivers, hair and makeup artists and more, many of whom are paid hourly wages and work on a project-to-project basis."

Go deeper: The coronavirus economic pain in the U.S. has begun