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European Commission disburses €450 million in pre-financing to Austria

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The European Commission has today disbursed €450 million to Austria in a pre-financing payment under the Recovery and Resilience Facility (RRF). This is equivalent to 13% of the country’s total financial allocation under the RRF. The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in Austria’s recovery and resilience plan.

In total, Austria is set to receive €3.5 billion in grants under the RRF. The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in Austria’s recovery and resilience plan.

Today’s disbursement follows the recent successful implementation of the first borrowing operations under NextGenerationEU. By the end of the year, the Commission intends to raise up to a total of €80 billion in long-term funding, complemented by short-term EU-Bills, to fund the first disbursement of the planned grants and loans to Member States under the RRF and other NextGenerationEU programmes.

The RRF is at the heart of NextGenerationEU which will provide €800 billion (in current prices) to support investments and reforms across the EU. The Austrian plan is part of an unprecedented coordinated EU response to the COVID-19 crisis to address common European challenges, in particular the green and digital transitions and to strengthen the cohesion of the Single Market.

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