EU Coronavirus Response Investment Initiative
May 27, 2020The European Commission has set up the Coronavirus Response Investment Initiative (CRII) to help Member States fund their coronavirus crisis response.
Thus, the EU Coronavirus Response Investment Initiative concentrates on the immediate mobilisation of structural funds, to allow for a prompt response to the crisis.
In this regard, a number of very important changes extended the scope of support of the Funds. Also, they provided immediate liquidity and gave flexibility in programme amendments.
So, the first EU Coronavirus Response Investment Initiative package consists of three main elements:
1) €37 billion of European public investment
The Commission proposes not to request Member-States to reimburse unspent pre-financing for the European Structural & Investment Funds for 2019. Because it is important to quickly direct €37 billion of European Public Investment to address the impacts of Corona crisis. They will now be allowed to hold onto this money, which will provide them with a liquidity buffer of about €8 billion. Thus, this will accelerate investments related to the COVID-19 outbreak.
EU Coronavirus Response Investment Initiative
2) Maximum flexibility in applying EU spending rules
The Commission proposes to make Coronavirus related expenditure eligible under structural funds. Its goal is to make sure Member States can fully count on EU budget support to address the crisis. Thus, this will allow healthcare costs to be eligible for reimbursement.
3) Access to the EU Solidarity Fund
As part of this initiative, the Commission is proposing to include public health crises in the emergencies that the EU Solidarity Fund finances. It currently helps Member States go through a range of different natural disasters. These disasters include floods, forest fires, earthquakes, storms and drought.
EU Coronavirus Response Investment Initiative
Source: https://www.adriatic-ionian.eu/