ITALY is set to get €172.7 billion from the €750 billion EU Recovery Fund that has been proposed for the coronavirus emergency, ANSA reports.
Of the total, €81.087 billion will be granted in the form of aid and €90.938 as loans.
This makes Italy’s share of the Fund the largest, followed by Spain which will receive €140.4 billion and Poland with €53.8 billion.
European Commission President Ursula von der Leyen has called the €750 billion recovery fund a “Next Generation EU instrument,” according to ANSA.
The combination of the proposed €1.1 trillion multi-annual EU budget and the €750 billion Recovery Fund, means the total support for the EU’s economic recovery could reach over three billion.
“The crisis has had a contagion effect in all countries and no one can shelter on their own,” Von der Leyen said. “For me the choice is simple, I want us to take a strong road together.”
Italy’s Prime Minister Giuseppe Conte called the proposal, “an excellent signal from Brussels, it goes right in the direction indicated by Italy.”
Foreign Minister Luigi Di Maio said, “the Recovery Fund means enabling us to spend all the money that is needed: the priority now is to lower taxes, we must not go wrong like 10 years ago.”
Italy is set to see the highest increase in numbers of those in poverty since the aftermath of the Second World War as the coronavirus emergency takes its economic toll on the country. Its economy is predicted to contract by 9.5 per cent this year, the most in the European Union after Greece.