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Ministry of Finance of the Republic of Finland

05/16/2024 | Press release | Distributed by Public on 05/16/2024 02:54

Finland updates Recovery and Resilience Plan to secure EU funding

Finland updates Recovery and Resilience Plan to secure EU funding

Ministry of Finance
Publication date 16.5.202411.51
Press release

The changes to the Recovery and Resilience Plan relate to energy investments, employment measures and time limits. The Government approved Finland's proposal for an updated Recovery and Resilience Plan on Thursday 16 January.

Finland is updating its plan, because it is no longer likely that some of the plan's targets and milestones will be reached. If Finland were to fail to reach targets and milestones, some EU funding would be lost.

Finland is proposing changes to 16 measures. The most important proposed changes fall into four categories:

  • Energy investments: the completion of projects to be funded will be defined using criteria other than the sum of money tied to funding decisions.
  • Delays: time limits will be pushed back.
  • Employment measures: the funding intended for Työkanava Oy will be transferred to other measures that promote the same higher-level targets.
  • Åland: time limits will be postponed and some of the funding for solar energy investments will be reallocated to a wind power project.

Assessment by the Commission, approval by the Council

The Government approved Finland's proposal for an updated Recovery and Resilience Plan on Thursday 16 May. The Ministry of Finance will send the proposal to the EU and will continue talks with the European Commission. The Commission will then assess the updated plan and, finally, the Council of the EU will approve it.

The Recovery and Resilience Plan is part of the Sustainable Growth Programme for Finland, which will boost reforms and investments. The Programme is funded mainly through the EU's recovery plan (NextGenerationEU).

Inquiries:
Laura Vartia, Senior Ministerial Adviser, tel. +358 295 530 228, laura.vartia(at)gov.fi
Elina Rauvala, Financial Specialist, +358 295 530 089, elina.rauvala(at)gov.fi

Decision in Finnish Ohjelmat VM/2024/73