(Source: European Commission)
The Commission has received an official recovery and resilience plan from Finland. This plan sets out the reforms and public investment projects that Finland plans to implement with the support of the Recovery and Resilience Facility (RRF).
The RRF is the key instrument at the heart of NextGenerationEU, the EU’s plan for emerging stronger from the COVID-19 pandemic. It will provide up to €672.5 billion to support investments and reforms (in 2018 prices). This breaks down into grants worth a total of €312.5 billion and €360 billion in loans. The RRF will play a crucial role in helping Europe emerge stronger from the crisis, and securing the green and digital transitions.
The presentation of this plan follows an intensive dialogue between the Commission and the Finnish authorities over the past number of months.
Finland’s recovery and resilience plan
Finland has requested €2.1 billion in grants under the RRF.
The Finnish plan is structured around four pillars of green transition, digitalisation and data economy, employment and skills, and social and health services. It includes reforms and investments to accelerate the digital transformation, research and investment in the green transition, and measures to promote employment and skills, and improving access to health care and social services. Projects in the plan cover the entire lifetime of the RRF until 2026. The plan proposes projects in all seven European flagship areas.
The Commission will assess the plan within the next two months based on the eleven criteria set out in the Regulation and translate their contents into legally binding acts. This assessment will notably include a review of whether the plan contributes to effectively addressing all or a significant subset of challenges identified in the relevant country-specific recommendations issued in the context of the European Semester. The Commission will also assess whether the plan dedicates at least 37% of expenditure to investments and reforms that support climate objectives, and 20% to the digital transition.
The Council will have, as a rule, four weeks to adopt the Commission proposal for a Council Implementing Decision.
The Council’s approval of the plans would pave the way for the disbursement of a 13% pre-financing to Finland. This is subject to the entry into force of the Own Resources Decision, which must first be approved by all Member States.
The Commission has now received a total of 19 recovery and resilience plans, from Belgium, Denmark, Germany, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Austria, Poland, Portugal, Slovenia, Slovakia, and Finland. It will continue to engage intensively with the remaining Member States to help them deliver high quality plans.