Greece to Receive €55 Billion EU Financial Support for Economic Recovery

Greece is set to receive substantial financial support amounting to approximately 55 billion euros ($58 billion) from the European Union (EU) over the next four to six years, as confirmed by Deputy Minister of National Economy and Finance, Nikos Papathanasis. Government officials underscore the critical role of European funds, constituting over 80 percent of Greece’s public investments, in catalyzing the nation’s economic recovery and growth prospects.

Reflecting on the impact of EU funding in recent years, Papathanasis highlighted the pivotal role played by the National Strategic Reference Framework (NSRF) program for 2014-2020 in fostering Greek economic growth. He noted a significant increase in absorption rates, from 24.5 percent in 2019 to 88 percent at present (expected to reach 100 percent by year-end), positioning Greece as the third-highest EU member state in terms of EU funds absorption rates. Furthermore, Greece is leading in absorption rates for the NSRF 2021-2027 program, which allocates over 26 billion euros to the country.

This European funding will support vital reforms, infrastructure investment, business and household assistance, and addressing new challenges, especially in the aftermath of recent devastating forest fires and floods that have cost Greece over 2 billion euros. Recovery and Resilience Fund (RRF) projects worth at least 686 million euros will be initiated in the coming months to reconstruct vital infrastructure like bridges, railways, and roads.