We introduce the Rapid Action for Coronavirus and Earth Observation, a joint ESA-EC initiative to showcase applications of Earth Observation data derived from the Copernicus Sentinels and Third Party Missions to generate timely information with societal interest on the changes observed during the coronavirus pandemic lockdown and post lockdown periods on the European economy, agriculture, air quality, water quality and land. All indicators are based on Sentinel data and derived by capitalizing on EO Platforms and advanced Artificial Intelligence. Leveraging flexible and rapid development and deployment of the dashboard within EuroDataCube, the https://race.esa.int product is a fully Open Source solution developed using state-of-the-art technologies in an Open Science framework. The project also integrates community contributions selected through coding competitions and coaching of citizen contributions.