The regions most affected by the corona crisis will receive further assistance from EU funds

The regions most affected by the corona crisis will receive further assistance from EU funds

Negotiators between the German Presidency of the Council of the EU and the European Parliament (EP) reached a political agreement on a special legislative initiative called REACT-EU to release € 47.5 billion from the Structural Funds for the EU Member States and regions most affected corona crisis.

Quick access to finance

The Cohesion Policy and European Recovery Package foresees that tens of billions of euros will be invested for this purpose through the Instrument for Recovery and Resilience from the agreed recovery plan following the corona crisis worth a total of € 750 billion. "The agreement reached is an important step towards overcoming the crisis together. REACT-EU will ensure that European regions, especially those most affected by the pandemic, have rapid access to additional funding for investment in a green, digital and stable economy over the next two years." said German Economy and Energy Minister Peter Altmaier.

Resources for two years

Greeted the settlement also European Commission, which Reactivial EU has proposed the European Commissioner for cohesion and reforms Elisa Ferreira stated that additional funds are intended to span the gap between a first emergency response to corona crisis and sustained economic recovery supported under cohesion policy for the years 2021 - 2027. Allocated additional resources will be available for two years: € 37.5 billion in 2021 and € 10 billion in 2022. The REACT-EU initiative is primarily aimed at supporting health services, creating and maintaining jobs and supporting small and medium-sized enterprises, while also stimulating the transition of national economies to a modern green and digital economy.