Experiences from individualized gender equality funding programs, as the ones used in Denmark, demonstrate that one-off policy interventions, although a small step in the right direction, cannot stand alone in the fight against gender imbalances in academia. Closing the gender gap is a complex, multi-level undertaking that needs constant rethinking of policies and the dedication of adequate financial resources. The need of rethinking policy is in particular urgent during Covid-19, which has further amplified imbalances due to a drop in the productivity of women researchers. Funding bodies should therefore reconsider traditional approaches heavily rewarding publications in the distribution of research funds. They ought to respond to the gendered impact of the pandemic by engaging institutions in structural and cultural change, setting up requirements for institutions to have achieved a certain level of gender equality outcomes, and thus link institutional progress to research funding.