NextGenerationEU: Commission endorses Spain’s €163 billion modified recovery and resilience plan, including a REPowerEU chapter
Today, the Commission has given a positive assessment of Spain’s modified recovery and resilience plan, which includes a REPowerEU chapter. The plan is now worth €163 billion (€83 billion in loans and €80 billion in grants) and covers 111 reforms and 142 investments.
The modified plan has a strong focus on the green transition, allocating 40% of available funds to measures that support climate objectives. The revised plan includes 30 new measures on climate action, bringing the total green contribution to €65 billion (up from €27.6 billion in the original plan). Spain’s REPowerEU chapter consists of a new reform, a scaled-up investment drawing on three existing measures, and seven new investments to deliver on the REPowerEU Plan‘s objectives to make Europe independent of Russian fossil fuels well before 2030. These measures focus on diversifying away from fossil fuels, notably by accelerating the deployment of renewable energy, renewable hydrogen, decarbonising industry and investing in the value chain for the net-zero industry.
The Spanish plan’s digital ambition has also increased, thanks to 18 new measures that contribute to the digital transition by fostering the development of advanced technologies, supporting start-ups and investing in research and development (R&D). The revised plan devotes 26% of its total allocation to support the country’s digital transition.
The modified plan’s important social dimension has also increased. In addition to the transformative reforms and investments of the original plan, new measures include increased supply and easier access to housing, attracting foreign talent and facilitating the entry into the country of skilled migrant workers. Improving the animal and human health standards for transport and the sustainable use of antibiotics in the livestock industry are also covered.
The Council will now have, as a rule, four weeks to endorse the Commission’s assessment. The Council’s endorsement will allow Spain to receive €1.4 billion in pre-financing of the REPowerEU funds. Under the RRF, Spain has so far received €37 billion: €9 billion in pre-financing and €28 billion disbursed in total for the first three payments. The Commission will authorise further disbursements based on the satisfactory fulfilment of the milestones and targets outlined in Spain’s revised recovery and resilience plan, reflecting progress on the implementation of the investments and reforms.
