Amsterdam’s blue chip AEX index closed down 52.06 points, or 10.75% on Thursday, its second worst decline on record.

Thursday’s trading replaces October 26, 1987, when the AEX fell 9.27%. Black Monday (October 19, 1987) remains the worst in Dutch stock exchange history, when the AEX fell 12%.

Finance minister Wopke Hoekstra said on Thursday that he has a €90bn buffer to offset the impact of the coronavirus. ‘Our pockets are deep and I am prepared to empty them,’ Hoekstra told reporters.

Among the measures the finance ministry is preparing is a scheme to allow companies to delay their tax payments. Hoekstra is also expanding the subsidy scheme for companies which are forced to temporarily lay off staff because of the crisis.

The government is also planning to introduce a loan guarantee scheme for small and medium-sized firms, Hoekstra said.