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EU post-COVID recovery plan unveiled, Romania to receive 19.626 bln euros in grants

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Romania is among the states that will benefit the most from allocations under the new 750 bln euro recovery plan unveiled on Wednesday by the European Commission, shows a document consulted by DPA.

According to this document, Romania has 19.626 billion euros worth of grants allocated under this new instrument, an amount considerably higher than grant allocations to developed states such as Denmark - 2.15 billion euros, Belgium - 5.48 billion euros, the Netherlands - 6.75 billion euros, Austria - 4.04 billion euros, Finland - 3.46 billion euros, or Sweden - 4.69 billion euros. The states with larger allocations than Romania's are Italy (81.8 billion euros), Spain (77.32 billion euros), France (38.77 billion euros), Poland (37.69 billion euros), Germany (28.8 billion euros) and Greece (22.56 billion euros).

The money will be available both as grants and loans, with Romania having 31.206 billion euros assigned in loan funding. In order to receive these funds, each country will have to prepare and present recovery plans that prove the money will be used in accordance with the Commission's economic recommendations, with special attention to ecological and digital improvements.

Addressing the European Parliament, Commission President Ursula von der Leyen said: "This is Europe's moment. We either all go it alone...or we pave a strong path for our people and for the next generation. The coronavirus has shaken Europe and the world to its core, testing healthcare and welfare systems, our societies and economies and our way of living and working together. To protect lives and livelihoods, repair the Single Market, as well as to build a lasting and prosperous recovery, the European Commission is proposing to harness the full potential of the EU budget. Next Generation EU of EUR 750 billion as well as targeted reinforcements to the long-term EU budget for 2021-2027 will bring the total financial firepower of the EU budget to EUR 1.85 trillion," she said.

However, the plan needs the unanimous backing of the 27 EU states and the European Parliament.

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