Belgium to receive 4.5 billion euro from the EU Corona Recovery Fund

Belgium will receive €4.5 billion euro from the European Union's Corona Recovery Fund. This is significantly less than the figure initially quoted when the fund was set up. However, the strong recovery of the Belgian economy since the end of the worst of the pandemic has meant that the amount Belgium is to receive has been revised down. 

Originally Belgium was to have received 5.9 billion euro from the fund. However, such was the performance of our country’s economy last year that 4.5 billion euro is now deemed to be sufficient.

The European Commission set up the Corona Recovery Fund in 2020 in response to the economic impact of the coronavirus pandemic. At a summit held in 2020 the EU leaders decided to set up a recovery fund to help all 27 member states recover from the economic blow dealt by the pandemic. A total of 750 billion euro was set aside for the fund. 

Each of the 27 member states submitted concrete plans on how they would invest any money given to them from the fund.

After having analysed the plans submitted by Belgium the European Commission initially granted Belgium 5.9 billion euro. However, this has now been revised down to 4.5 billion euro. It remains to been seen whether Belgium will have to revise its recovery plans. The Federal Government had already included a large portion of the 5.9 billion in its budget. Some of the money has even already been spent.

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