Austria, Belgium, Italy, Slovenia share pandemic recovery plans with EC
The European countries of Austria, Belgium, Italy and Slovenia have submitted to the European Commission (EC) their official resilience and recovery plans to emerge stronger from the COVID-19 pandemic. The submission comes after a comprehensive talk between the EC and the national authorities of the countries over the past several months.
The plans of the countries present public investment projects as well as reforms that each European Union (EU) member nation aims to carry out with the help of the EC’s Recovery and Resilience Facility (RRF) – the instrument integral to NextGenerationEU, which is the EU’s program for a strong pandemic recovery.
The RRF will grant up to €672.5 billion to back reforms and financing (in 2018 prices), with supports being worth a total of €312.5 billion and €360 billion in loans. It will play a significant part in assisting the continent come out more robust from the pandemic. The RFF will also help Europe in securing the green and digital transitions.
Austria seeks €4.5 billion. The country’s plan is based around funding and rebuilding measures for green recovery, mobility, covering renovation, biodiversity, climate neutrality and circular economy; digital recovery, covering schools, broadband, enterprises and public service; knowledge-based recovery, including up- and reskilling, research, strategic innovation and education; and fair recovery, encompassing resilient communities, healthcare, reforms and art and culture.
Belgium requests grants of €5.9 billion in its plan, which is structured around public finances, climate, digital transformation; sustainability and innovation, mobility, economy of the future and productivity and social and inclusiveness.
In its plan, Italy requests €191.5 billion in support, with €68.9 billion comprising of grants and €122.6 billion being in loans. Italy’s plan is formed around green revolution and ecological transition; health; infrastructure for sustainable mobility; cohesion and inclusion; education and research and digitalization, innovation, competitiveness and culture.
Slovenia requests €1.8 billion in grants and €700 million in loans (a total of €2.5 billion). The nation’s plan is built around health and welfare including investments and reforms in long-term care and social housing; digital transformation; green transition and smart, sustainable and inclusive growth.
As the next steps, “The Commission will assess the plans within the next two months based on the eleven criteria set out in the Regulation and translate their contents into legally binding acts,” says an EC press release. “This assessment will notably include a review of whether the plans contribute to effectively addressing all or a significant subset of challenges identified in the relevant country-specific recommendations issued in the context of the European Semester.”
It adds, “The Commission will also assess whether the plans dedicate at least 37% of expenditure to investments and reforms that support climate objectives, and 20% to the digital transition.”
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