The German government on Wednesday approved contracts worth 2.86 billion euros (3.15 billion U.S. dollars) for the purchase of COVID-19 vaccines until 2029.

The contracts with five companies grant long-term access to production capacities in the event that the COVID-19 pandemic continues, or a new pandemic emerges, according to a joint statement from the Ministry for Economic Affairs and Climate Action (BMWK) and the Ministry of Health (BMG).

The companies, BioNTech, CureVac/GSK, Wacker/CordenPharma, Celonic and IDT, are to receive an annual standby fee to ensure that these capacities are kept available, and that vaccine production can be ramped up quickly if necessary.

"We have learned the lessons from the COVID-19 pandemic and the initial vaccine shortage," said Minister for Economic Affairs and Climate Action Robert Habeck. "We are securing vaccine production and supply for the coming years."

Since the start of the pandemic, 196.6 million doses of COVID-19 vaccines have been delivered to vaccination centers, mobile vaccination teams, medical practices, company physicians and pharmacies in Germany. (1 euro = 1.10 U.S. dollars)