REACT-EU: MEPS APPROVE ADDITIONAL 47.5 BILLION EUROS TO EUROPEAN REGIONS FOR RECOVERY FROM THE PANDEMIC

MEPs approved additional assistance to EU regions to combat the pandemic and its social and health consequences. Project financing period from 1 February 2020 to the end of 2023
• Project financing period from 1 February 2020 to the end of 2023.
• REACT-EU funds will be available through EU structural funds
• Emphasis on the regions hardest hit by the crisis
Parliament has approved REACT-EU, a € 47.5 billion package to mitigate the immediate effects of the coronary crisis in EU regions. The initiative was approved with 654 votes in favor, 23 against and 17 abstentions.
Assistance will be available under EU structural funds. Most, or 37.5 billion euros, have been approved for 2021, and the remaining 10 billion euros for 2022. Operations covered by the REACT-EU package will be eligible for retroactive financing, with a start date of 1 February 2020. Funds can be spent by the end of 2023.

Member States will be able to allocate part of this money to the European Social Fund, the European Aid Fund for the Most Deprived, the Youth Employment Initiative and cross-border programs (Interreg). Investments will be targeted at the sectors that have suffered the greatest economic consequences of the pandemic.
Details of the political agreement reached by Union legislators on 18 November are available here.

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