Commission Approves Greece’s Revised Recovery Plan

Greece’s revised National Recovery and Resilience Plan “Greece 2.0” received European Commission approval this week, paving the way for the implementation of 76 reforms and 103 key investments many of which in tourism.

More specifically, the country’s RRF plan comes to a total of 35.95 billion euros: 18.22 billion euros from EU Recovery and Resilience Facility (RRF) grants and 17.73 billion euros in RRF loans.

The European Council will have to endorse the Commission’s assessment before releasing 158.7 million euros in pre-financing of the REPowerEU funds. Greece has so far received 11.2 billion euros in RRF funds: 4.0 billion euros in pre-financing and 7.2 billion euros disbursed in total for the first two payments.

The Commission also endorsed the plan’s REPowerEU chapter which consists of seven new reforms and four investments, including an existing investment which will enable Greece and Europe to stop relying on Russian fossil fuels before 2030.

Among others, the modified plan includes four newly added or enhanced reforms in the areas of primary healthcare, combating tax evasion, property rights and the financial sector and four new investments, which include financing flood protection and anti-erosion works in Evros and Rodopi, which were affected by devastating fires earlier this year as well as the restoration of the rail and road networks that were damaged in the devastating floods in Thessaly last September.

Greece’s plan also focuses on the country’s green transition, allocating 38.1 percent of available funds to measures that support climate objectives as well as to reinforcing the country’s digital preparedness and social resilience. Funding will also go towards civil protection measures, new upskilling programs to integrate refugees into the labor market, investments in energy renovations of residential buildings and renewable energy produced by energy communities.

The Commission will release further payments based on the satisfactory fulfilment of targets and progress made on the implementation of investments and reforms as outlined in Greece’s revised recovery plan.

Deputy Minister: We continue efforts so Greek economy becomes even more resilient

Commenting on the news, Deputy Economy and Finance Minister Nikos Papathanasis said the Commission’s positive assessment of the revised plan Greece 2.0, “confirms the credibility and seriousness of the government’s economic development policy”.

“However, we are not complacent. We continue our efforts so that the Greek economy becomes even more resilient, productive and outward-looking, through fiscal stability, development reforms and social sensitivity. Only in this way will the measurable result of development reach everyone, and especially the new generations, and will translate into even more and better-paid jobs,” he said.