EU Adopts Post-Pandemic Recovery Plan

The EU has accepted an expensive NextGenerationEU plan of recovery to support the recovery from the coronavirus crisis and to push up the economy, said EC President Ursula von der Leyen.

Italy will be the first largest beneficiary of the recovery fund. Spain will become the second as it was affected by the pandemic earlier, and more than many other European countries. The country’s local and regional authorities found themselves on the front line as local healthcare receives over 90% of financing for the regional budgets.

Not only this investment will restart the economy, said von der Leyen. It will also prompt the EU states towards a green, sustainable and digital future. The fund will support small businesses that are going through financial difficulties using small grants and urgent loans.

Over a third of NextGenerationEU’s funds will be spent to support the European Green Deal targets and to get to the « climate neutrality » by 2050.

20% of the value of the NextGenerationEU plan will be directed to digital innovation. Meanwhile, 40% of the EU rural residents have no access to high-speed Internet yet.

source: ec.europa.eu

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