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When does the Recovery Fund enter? This is the question Italy has been asking itself since Commission President Ursula von der Leyen announced the massive plan to lift the fortunes of European economies from the crisis brought on by the coronavirus pandemic.
Several government officials have repeatedly appealed to Europe for the next generation’s money from the EU, whose backbone is recovery, to arrive as soon as possible. But actually everything is already written.
When does the Recovery Fund really come in?
Without big headlines, the approval of the DEF Update (NADEF) in the Senate last night revealed how and when the money from the Recovery Fund will arrive.
On page 12 of the NADEF, in fact, a simple table (not present in the initial draft) shows that the funds will be spread over 6 years from 2021 to 2026. This will be carried out in accordance with the agreement signed between the Conte government and the Commission.
The Recovery Fund will not address the COVID emergency
That the recovery plan was an intervention designed in a structural way to allow European economies to keep pace with the rest of the world in terms of digitization and green economy was known.
The 6 tranches with which the money will arrive, however, suggest that the Recovery Fund will not be able to protect thousands of workers and companies of the immediate impact of the COVID-19 emergency.
This feeling is reinforced by the fact that the first leg is actually the smallest. And the first is the one that will come in the middle of the second wave of coronavirus, assuming it is delivered in the first months of the year.
Recovery Fund, Reduced Grants to Italy
Next year, in fact, Europe will give Italy 10 billion euros in grants and another 11 in loans a total of 21 billion. In 2022 they will arrive 33.5 billion, the following year 41.
Grants will only exceed loans in 2023, while grants will run out by 2026. The total will eventually be $ 65.4 billion in grants and $ 127.6 billion in loans. As a result, transfers to Italy were reduced by another 16,000 million euros than previously announced.
