The Italian government is finalizing a package worth 55 billion euros to support the country's economy as it battles the coronavirus, a report in the Corriere della Sera newspaper said on Saturday.

Prime Minister Giuseppe Conte, who is reportedly working out the details this weekend, is to present the package next week, the report said.

The 760-page draft includes funds for the tourism, culture and agriculture sectors, which have been particularly badly hit by the crisis. It also includes money for the healthcare system, short-time work and families.

Italy has reported a total of 217,185 coronavirus infections. After Britain, Italy has seen the most deaths in Europe due to the virus.

The European Commission has said that Italy should brace for a severe economic downturn with a gross domestic product set to plunge by nearly 10 percent.