Brussels, 07/05/2014 (Agence Europe) - On Tuesday 6 May, the Council of the EU gave its support to the reform of the European Union Solidarity Fund (EUSF).
The Economic and Financial Affairs Council adopted this reform without debate.
The new casting of the EUSF will help speed up payments of EU financial assistance to countries and regions that have suffered heavy damages following natural disasters. The European Commission will have to respond to a request for financial support within a six-week deadline and indicate what amount will be paid if a request is approved. Member states will have 12 weeks, as opposed to the current 10 weeks, to prepare and submit a dossier. Eligibility criteria have been simplified and states will be able to benefit from EUSF if losses suffered are more than 0.6% of the country's GDP (1.5% of regional GDP if a region is involved). The money will be available over a one and a half year period, as opposed to the current one-year timeframe. The reform also includes the possibility of advance payments of 10% of the total amounts (up to a maximum of €30 million in advance). An annual budget of €500 million will be allocated to the EUSF, as part of the Multiannual Financial Framework 2014-2020 and any surpluses can be carried over from one year to the next. (MD)