Italian Prime Minister Giuseppe Conte on Monday announced a new stimulus programme designed to inject up to 400 billion euros ($430 billion) into businesses damaged by the coronavirus pandemic.

Conte told the nation in a television address that the measure represented "the most powerful intervention in the country's history".

The programme will add to the 340 billion euros in government-backed loans announced last month.

Conte said half of the new package will be earmarked for export-oriented companies whose turnover has imploded over the past month.

The Italian leader also urged everyone to follow the strict containment measures in place since early March.

"We will soon see a new spring for Italy but for the moment we must stay at home," Conte said.