Some €24.8 billion has been mobilised under the REACT-EU investment initiative in response to the coronavirus, according to figures released by the European Commission on Thursday 19 August.
Among the primary beneficiaries, the European Commission has approved: - approximately €7.2 billion for Spain (out of €10.8 billion allocated); - €5.2 billion for Italy (€11.3); - €2.4 billion for France (€3); - €1.5 billion for Germany (€1.9); - €1.7 billion for Greece (€1.7); - €1.6 billion for Portugal.
In total, €18.5 billion from the European Regional Development Fund (ERDF) has been given the green light by the EU. A budget of €4.8 billion from the ERDF will contribute to the ‘green’ transition, including €4 billion specifically for actions to combat global warming.
An additional €2.5 billion from the ERDF will target the digital economy, €5.6 billion will aid SMEs, €4 billion will support health systems, and €2 billion will target the transport sector and technical assistance. From the European Social Fund Plus, €6.3 billion was allocated to labour market support.
Disbursements have been going strong since the end of June, with the European Commission’s announcement of €800 million in payments under the initiative (see EUROPE 12751/6).
REACT-EU aims to alleviate the socioeconomic hardship caused by the pandemic while preparing for the environmental and digital transitions by mobilising an additional €47.5 billion in structural funds for the 2021-2022 period. In addition, the initiative increases the flexibility of spending for EU cohesion policy (see EUROPE 12604/2). (Original version in French by Pascal Hansens)