​​Austria receives first tranche from EU recovery fund

Austria on Tuesday received its first portion of EU recovery funds worth €450 million of a €3.5 billion total to finance projects aimed at industry digitalisation and climate protection.

“The Austrian recovery and resilience plan, with its 27 reform and 32 investment plans is now entering the implementation phase,” said Finance Minister Gernot Blümel.

According to the European Commission, 59% of reforms and investments in Austria’s recovery plan are dedicated to climate protection, while 53% are meant to accelerate digitalisation. These figures are way above the targets set by the EU executive, which calls for recovery plans to allocate 37% to the green transition and 20% to the digital transformation.

“The disbursal is linked to the achievement of milestones. Hence, I call upon all departments to adhere to the fixed timeline and to set a good example, to ensure that the funds can be distributed without further delays,” Blümel said in a press release.

The €723 billion heavy recovery and resilience facility is the Union’s flagship initiative meant to guarantee a swift economic recovery and enable the economies of EU countries to become more sustainable and resilient by supporting the green and digital transition.

(Oliver Noyan | EURACTIV.de)