Recovery, EU: “24.9 billion paid to Italy today”

The European Commission today paid Italy 24.9 billion euros, equal to 13% of the 191.5 billion that will arrive from Brussels with the Recovery and Resilience Facility (Rrf) approved just over a year ago to help the affected countries from the pandemic. “Italy – underlines the Commission in a note – is one of the first European countries to receive pre-financing, which will help start the implementation of the crucial reform measures and investments contained in the Italian recovery and resilience plan”. The Commission, according to a note from the Brussels executive, will authorize the disbursement of additional funds based on the implementation of the investments and reforms envisaged in the plan for Italy’s recovery and resilience. The country is expected to receive a total of € 191.5 billion over the duration of the national plan (€ 68.9 billion in grants and € 122.6 billion in loans). scope of NextGenerationEU. By the end of the year, the Commission intends to collect a total of up to 80 billion euros of long-term funding, which will be complemented by short-term EU bills (EU-bills), to finance the first planned disbursements in favor of the States. Within the NextGenerationEU framework, the Recovery and Resilience Facility will make 723.8 billion (at current prices) available to support investment and reform in member states. The Italian plan is part of the EU’s unprecedented response to emerge stronger from the Covid-19 crisis, promoting green and digital transitions and strengthening resilience and cohesion in our societies.