Spanish Recovery Plan Will Invest EUR 72 Billion in EU Funds

In early October, the Spanish President Pedro Sánchez presented plans to invest EUR 72 billion in European funds over the next three years, aiming to create 800,000 jobs. The Recovery, Transformation and Resilience Plan addresses four key areas for a COVID-19 recovery: ecological transition, digitalization, gender equality, and social cohesion. The Spanish government expects the package to contribute to annual GDP growth of 2.5% between 2021 and 2023. EUR 27 billion of the funds will already be included in the 2021 budget.

About 37% of the recovery package is allocated to supporting Spain’s ecological transition, including investments in infrastructure, resilient ecosystems, and a clean energy transition. Another major part of the package is earmarked for a digital transformation. The funds are part of the EU recovery instrument Next Generation EU.