The vaccine, made by Austrian-French biotech firm Valneva and developed in Vienna, contains inactivated viruses.
As a result, the protection offered by the vaccine could last for ten years.
Valneva Austria boss Thomas Lingelbach said the approach was deliberately chosen and that the company knew it would not be ready as part of the first wave of approvals.
“We knew from the start that we would be later with this approach because it would take longer to develop,” said Lingelbach.
The company said the virus would be most appropriate for smaller children, people with compromised immune systems and pregnant women.
In Austria, around 20 percent of the population are seen as potential recipients of the vaccine.
In addition, the vaccine has a long shelf life and can be stored at between two and eight degrees celsius – rather than the minus 70 degrees required for other vaccines.
In some markets, such as the UK, the vaccine is expected to be approximately €8 per dose and therefore cheaper than some of the leading vaccine candidates.
The British government however co-finances development and production expansion and thus assumes a significant risk investment, meaning that the vaccine is not guaranteed to cost the same in Austria.