Council greenlights the amended plans of Greece, Cyprus and Spain

The Council today endorsed the Commission’s positive assessment of the amended recovery and resilience plans submitted by Greece, Cyprus and Spain.

According to the Commission’s analysis, the specific amendments submitted by the Member States do not affect the relevance, effectiveness, efficiency and coherence of their recovery and resilience plans.

Greece
On 21 October 2024, Greece submitted specific amendments to its recovery and resilience plan. The plan amounts to EUR 36.6 billion in grants and loans.

Cyprus
On 25 October 2024, Cyprus submitted specific amendments to its recovery and resilience plan. The plan now amounts to EUR 1.2 billion in grants and loans.

Spain
On 3 December 2024, Spain submitted specific amendments to its recovery and resilience plan. The plan amounts to EUR 163.6 billion in grants and loans.

Context
The Recovery and Resilience Fund is the EU’s programme of large-scale financial support in response to the challenges posed to the European economy by the COVID-19 pandemic. It is the centrepiece of NextGenerationEU, a temporary recovery instrument that allows the Commission to raise funds to help repair the immediate economic and social damage caused by the pandemic.

To benefit from the mechanism, Member States have to submit recovery and resilience plans to the Commission setting out the reforms and investments they plan to complete by 31 August 2026.

To date, all recovery and resilience plans have been approved, 86 payment claims have been received and more than €306 million have been disbursed.

More information Council of the European Union.