Austria Gets 450 Million Euros in Corona Aid From EU

Austria has received the first installment of the corona aid from the EU, for its "development and resilience plan".

The EU Commission wired €450 million to Austria, the first installment from the new European Recovery Fund, according to the finance ministry in Vienna on Tuesday. In total, Austria will be receiving €3.5 billion corona aid in EU subsidies for projects with a focus on expanding trains and broadband, as well as on ecological investments.

According to Finance Minister Gernot Blümel (conservative People’s Party, ÖVP) in a statement, “the Austrian development and resilience plan with its 27 reform and 32 investment initiatives can move into its implementation phase”. The corona aid payments were connected to reaching milestones, he said. “This is why I call on all departments to keep to the schedule and provide a good example so that the promised money can flow unhampered, and the projects can be implemented swiftly”.

In total, Austria submitted projects worth €4.5 billion for the “development and resilience plan”. According to calculations by the EU Commission, whose basis provided €3.5 billion, 59% of the investments and reforms followed climate protection goals, and
53% were aimed at improving digitalization. Both were higher than the proportions required by the EU for these sectors.

Reported in cooperation with the Austrian Press Agency / APA.

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