Brussels (The Brussels Morning Newspaper) – The Europan Commission receives Austria’s second payment request for €1.6 billion under the Recovery and Resilience Facility.
The European Commission on 30 Sep 2024 received the second payment request from Austria, encircling the second and third installments, amounting to €1.6 billion in grants (net of pre-financing) under the Recovery and Resilience Facility (RRF).
What reforms are included in Austria’s second payment request?
Austria’s second payment request involves 54 milestones and 13 targets. It surrounds reforms that support investment initiatives in the scopes of healthcare, the circular economy and the phase-out of fossil-fuel heating methods. The areas of taxation and licensing procedures for renewables are also covered by the reforms.
In addition, the request covers investments in the dimensions of healthcare, enhancing connectivity through the roll-out of broadband in rural locations, as well as green and digital investments in SMEs. A further division of the Koralm railway, emission-free buses, the repair bonus scheme to facilitate the repair of electric and electronic tools and the re- and upskilling of people are also contained in the investment areas.
What is the next step in the EU payment process?
According to the European Commission, in the next step, it will now evaluate the request and will then send its preliminary review of Austria’s fulfilment of the milestones and targets required for this payment to the Council’s Economic and Financial Committee. Austria’s overall Recovery and Resilience Plan will be funded by €3.96 billion in grants.
How does the recovery and resilience facility fund member states?
The Recovery and Resilience Facility (RRF) is a temporary mechanism that is the centrepiece of NextGenerationEU -the EU’s strategy to emerge more powerful and more resilient from the current crisis.
Through the Facility, the Commission presents funds by borrowing on the capital markets (issuing bonds on behalf of the EU). These are then available to its Member States, to execute ambitious reforms and investments that make their economies and societies more bearable, resilient and organised for the green and digital transitions, in line with the EU’s priorities and to address the challenges recognised in country-specific recommendations under the European Semester framework of economic and social policy coordination.
