Coronavirus: Belgium receives €5,5 billion from EU recovery fund

Coronavirus: Belgium receives €5,5 billion from EU recovery fund
Credit: Belga

Belgium could call on €5,5 billion in subsidies from the 'Next Generation EU' post-coronavirus recovery fund, according to a European Commission working document.

The coronavirus recovery fund of €750 billion would be distributed among member states in the form of grants (€500 billion) and/or loans (€250 billion) to countries, regions and sectors most affected by the health and economic crises.

As Belgium belongs to a group of ten countries with the highest GDP per capita in the EU, it could call on €5,5 billion in grants but not in loans.

Italy and Spain would be the two biggest beneficiaries of the fund, with €173 billion for the former and €140 billion for the latter, combining grants and loans.

These countries are deeply affected by the coronavirus pandemic and have economies that are largely dependent on tourism, which is being undermined by the containment measures currently in place.

After Poland (with €63,9 billion), France would be the fourth largest beneficiary with €38.7 billion in subsidies alone, and Germany with €28.8 billion in subsidies.

The Brussels Times

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