Econostrum | Economic News in the Mediterranean

The European Commission pays €21 billion to Italy

Written by Eric Apim on Thursday, April 14th 2022 à 15:55 | Read 402 times

The European Commission is releasing €21bn of the €191.48bn total package for Italy to mitigate the economic and social impact of the Covid-19 pandemic.

Italy will be the most endowed Member State by the RRF (photo: Italian Council Presidency)
Italy will be the most endowed Member State by the RRF (photo: Italian Council Presidency)
ITALY. On Wednesday 13 April 2022, the European Commission made a first payment of €21bn to Italy under the Recovery and Resilience Facility (RRF) of the NextGenerationEU programme. 10bn of this amount represents grants and €11bn loans.

The RIF funds, which came into effect in February 2021 as part of the NextGenerationEU recovery programme, aim to mitigate the economic and social impact of the Covid-19 pandemic until 31 December 2026. Backed by common European debt, they have a total envelope of up to €723.8bn, divided into €385.8bn in loans and €338bn in grants.

The release of the €21bn had been requested on 30 December 2021 by Rome to support fifty-one targets and milestones covering several reforms and investments in the areas of public administration, public procurement, justice, the expenditure review framework, higher education, active labour market policies and the framework law to empower people with disabilities as well as on Italy's audit and control system for the implementation of the RIF. They also concern important investments in the field of digitalisation of enterprises ("transition 4.0"), energy efficiency and renovation of residential buildings.

191.48bn FRR funds to be made available to Italy

The positive assessment of the European Commission adopted on 28 February 2022 and the favourable opinion of the Economic and Financial Committee of the European Council have made the disbursement of these funds possible. The payment of these sums through this new mechanism is indeed conditional on the implementation of the projects pre-defined by the National Recovery and Resilience Plans, and on the progress made in their implementation.

Italy has been allocated €191.48bn from the RRF, or 10.67% of its GDP. It is the best endowed Member State. Its recovery plan and resilience (€222.1bn) was approved in June 2022   by the European Commission and adopted in July 2021 by the Council of the European Union, so by August 2021 the Italian government had already received €24.9bn in pre-financing. This document devotes 37% of its total budget to support climate objectives and 25% to the digital transition.

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