European Pandemic Fund Expires in August - EU: RRF Driven 40% of Overall Economic Impact
The EU economy is expected to grow by 1.4% this year, driven by investments and reforms implemented under the EU's pandemic recovery fund, Economic Commissioner Dombrovskis said.
The 800 billion euro recovery and resilience fund, which was formed in 2021 to cope with the economic downturn after the pandemic and to preserve and modernize it, will expire in August.
"The goal at the time was clear: to support Europe's economic recovery faster in the short term and to make it stronger and more resilient in the long term," Dombrovskis told a seminar. "The RFR Fund had an immediate positive impact upon its creation: on spreads, economic confidence and levels of public investment," he said.
"According to our forecasts, RRF investments are likely to increase real GDP in the EU by up to 1.4% for 2026," Dombrovskis said.
The money from the fund, a mix of grants and soft loans, comes from joint borrowing by the EU. To get it, each government must implement reforms agreed with the European Commission, and disbursements are linked to the achievement of goals and objectives.
Italy, Spain and Poland were among the countries that received the most money from the recovery fund and their growth rates reflected this, Dombrovskis said.
"Average GDP growth in Italy, Spain, Poland, Croatia and Greece was above 4% in the period from 2021 to 2024, significantly exceeding the EU average growth rate," he said.
"Spill-over effects account for about 40% of the overall economic impact of the RRF," he said.
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