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EU regions get additional 47.5 billion EUR to tackle local effects of COVID-19

MEPs approved extra aid for EU regions to respond to the COVID-19 pandemic and its social and health care consequences.

Parliament has approved REACT-EU, a 47.5 billion EUR package to help mitigate the immediate effects of the COVID-19 crisis across EU regions. The initiative was adopted by 654 votes in favour, 23 against and 17 abstentions.

The aid will be made available through the EU Structural Funds, with 37.5 billion EUR assigned for 2021 and 10 billion EUR for 2022. Operations covered by REACT-EU will be eligible for funding from 1 February 2020, retroactively. The resources can be spent until the end of 2023.

EU countries will be able to allocate part of the money to the European Social Fund, the Fund for European Aid to the Most Deprived (FEAD), the Youth Employment Initiative, as well as cross-border programmes (Interreg). Investments will be focused on the sectors most affected by the economic fallout of the pandemic.

Details on the political agreement reached by EU legislators on 18 November are available here.

Click here for the full press release

 

Original article link: https://www.europarl.europa.eu/news/en/press-room/20201211IPR93620/eu-regions-get-additional-47-5-billion-eur-to-tackle-local-effects-of-covid-19

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