The South Korean government has distributed 4.3817 trillion won in high-oil-price damage support payments to households as of May 21 [3].
These payments aim to stabilize the domestic economy as the Iran war continues to disrupt global oil markets, driving up fuel and energy costs for citizens.
Minister of the Interior and Safety Yoon Ho-jung said citizens should apply for the funds and use them for necessary expenses. The second round of the relief program has already reached approximately 19.86 million applicants [1], which represents 60.7% of the eligible population [1].
According to government data, the total payout for this second round alone is 2.6493 trillion won [2]. The program is designed to be broad in scope, with eligibility extending to seven out of 10 citizens [4].
Eligible residents have until July 3 to submit their applications for the second round of support [5]. Once the funds are received, the government requires that the money be spent by August 31 [6].
“The government's second payment of high-oil-price damage support is underway for those suffering from the aftermath of the Iran war,” a YTN News anchor said.
Minister Yoon Ho-jung said, “Please apply well. Receive the payment and use it for good things.”
“The government has distributed 4.3817 trillion won in high-oil-price damage support payments.”
The scale of these disbursements reflects the severe economic pressure South Korea faces due to its heavy reliance on imported energy. By mandating a usage deadline of August 31, the government is attempting to stimulate immediate domestic consumption to offset the inflationary impact of the Iran war on household spending.
