2 Billion Euros is a Recovery Plan Approved by the European Union Countries

The 27 European Union countries completed the approval process for a 672 billion euro recovery plan approved by the bloc to overcome the economic consequences of the Covid-19 pandemic, after the parliaments of Austria and Poland approved this historic project on Thursday.

“With the positive vote of the Austrian and Polish parliaments today, the 27 member states have completed the parliamentary ratification process,” European Commissioner for Budget Affairs, Johannes Hahn, said in a tweet on Twitter.

With 672 billion euros in donations and loans to the member states of the Union, the mechanism funded for the first time by joint resort to borrowing embodies European solidarity in the face of the pandemic.

The implementation of the plan, which was reached in July 2020 after difficult negotiations, has often been criticized for its slow pace. The first payments that will finance investment projects for member states in the green and digital transformation are expected to be made at the end of July.

The approval of the 27 countries was necessary to borrow the necessary funds from the market, as any incomplete signature would have hampered the project.

Each EU country can present to Brussels an investment plan coupled with structural reforms. So far, 19 of the 27 countries have submitted their draft to the commission, which has two months to study and approve. The European Council, which represents the member states, will have a month to give its green light.

“The goal is to start paying the money this summer,” Commission Vice President Valdes Dombrowskis told a meeting in Lisbon on Saturday.

He promised that his office “will try to speed up the evaluation process a little.”

“We are working as quickly as possible, but these are complicated assessments,” he said.

Spain and Italy are supposed to be the main beneficiaries of about 70 billion euros each, ahead of France (about 40 billion euros).

The funds should allow funding for projects related to the thermal regeneration of buildings, railways, charging stations for electric cars, high-speed communications networks, as well as data storage infrastructure.