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Italy and Spain will be the main beneficiaries from a 750 billion-euro ($826 billion), jointly financed fiscal stimulus package debated among European Union governments, according to estimates by the bloc’s executive seen by Bloomberg.
The European Commission’s so-called Next Generation EU plan is subject to approval by all 27 governments and the European Parliament. Negotiations on the package could take months and result in significant amendments. While the EU’s executive arm hasn’t officially published a proposed allocation of the funds, Bloomberg has seen an internal memo with those estimates based on the latest available economic data.
The plan will be financed with debt issued by the commission on behalf of the entire bloc. Part of the proceeds will be channeled to member states via grants, while the rest will be distributed in the form of concessional loans. The full amount will be collectively repaid later.
The table with the pre-allocation estimates includes all the separate programs included in the plan, such as a fund to help countries adjust to a low-carbon economy and money for farmers. It doesn’t include grants from the regular EU budget, for the period between 2021-2027, which is also subject to ongoing negotiations.
| Grants (in billion euros) | Concessionary loans (in billion euros) | |
| Italy | 81.807 | 90.938 |
| Spain | 77.324 | 63.122 |
| Poland | 37.693 | 26.146 |
| France | 38.772 | |
| Greece | 22.562 | 9.436 |
| Romania | 19.626 | 11.58 |
| Germany | 28.806 | |
| Portugal | 15.526 | 10.835 |
| Czech Republic | 8.586 | 10.626 |
| Hungary | 8.101 | 6.968 |
| Slovakia | 7.939 | 4.874 |
| Bulgaria | 9.218 | 3.151 |
| Croatia | 7.365 | 2.648 |
| Netherlands | 6.751 | |
| Lithuania | 3.908 | 2.419 |
| Belgium | 5.48 | |
| Slovenia | 2.579 | 2.492 |
| Sweden | 4.691 | |
| Latvia | 2.894 | 1.595 |
| Austria | 4.043 | |
| Finland | 3.46 | |
| Estonia | 1.851 | 1.441 |
| Cyprus | 1.433 | 1.088 |
| Denmark | 2.156 | |
| Ireland | 1.91 | |
| Malta | 0.35 | 0.642 |
| Luxembourg | 0.17 |
Source: Bloomberg: European Commission estimates (2018 prices). Includes REACT EU, RRF, Just Transition Fund, Rural Development; concessionary loans are on the basis of having a GNI per capita (Spring 2020) below EU average
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