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Which projects come and go from the Recovery Fund
By Vangelis Mandravelis At 07:06, 18 Oct 2023
Nikos Papathanasis © INTIME

The framework of the revision of the National Recovery and Resilience Plan (NRSP) "Greece 2.0" was presented yesterday by the relevant government officials in the Parliament . Specifically, as the Deputy Minister of National Economy, Nikos Papathanasis , stated yesterday at the meeting of the Standing Committee on Production and Trade of the Parliament , the new outline of the review of the Recovery and Resilience Fund includes 5.8 billion euros in additional resources and 1.22 billion. euros in existing resources, which will be redistributed with the aim of financing new projects.

The additional resources come from the REpowerEU program and concern new loans from the Recovery Fund, totaling 5 billion euros and new subsidies of 0.8 billion euros. The additional new loans, amounting to 5 billion euros, are expected to be channeled into private investment projects directly related to the "green transition" pillar of the TAA. On the other hand, REpowerEU provides the country with additional subsidies of €0.8 billion.

The additional subsidies will be channeled mainly into expansions of existing actions to enhance the country's energy efficiency. In particular, according to Mr. Papathanasis, the REpowerEU subsidies, amounting to 795 million euros, concern:

Actions to improve energy efficiency (€560 million):

I save at home.
I save by doing business.
Photovoltaics on the roofs.
Subsidy for households to purchase a solar water heater.
Improving the energy efficiency of municipal water supply and sewage companies.

Support for the installation of storage systems to enhance the penetration of RES (85 million euros).
Pilot projects to produce biomethane and green hydrogen and to promote the installation of CO 2 capture, use, transport and storage technologies (€150 million).

The REpowerEU additions are expected to take the total TAA budget for Greece, from around €30.1 billion today, to €35.9 billion by the end of the year. Of these, approximately half will concern loan resources and the remaining half subsidies (grants).

However, the review of ESAA "Greece 2.0" does not end here. It also includes two new categories of projects, totaling 1.22 billion euros, concerning on the one hand the only planned revision of the TAA, on the other hand, and the changes made to it, due to the extraordinary circumstances of Daniel and the need to restore the damages caused in Central Greece.

These two categories do not include new resources, but will be financed through existing resources. Specifically, they will come from other projects, which will be absorbed by the Recovery Fund, or their physical and financial scope will be reduced. Mr. Papathanasis did not give a list of the projects to be excluded/budget reduced from the TAA, but he said that they will mainly be dam development projects. He added, however, that these projects are not cancelled, but that they will be done at a later time with NSRF funding.

Regarding the planned revision of the ESAA "Greece 2.0", the plan submitted by the country included four new projects, with a total budget of 534 million euros. These are the projects:

Clearing forests and creating fire-resistant zones (Antinero ) , budget 407.7 million euros (Ministry of Environment & Energy).
Pre-earthquake inspection of public buildings , with a budget of 32.54 million euros (Ministry of Climate Crisis and Civil Protection).
Fire detection system in a refugee accommodation structure on Lesbos (LIDAR ) , budget 1.54 million euros (Ministry of Immigration & Asylum).
Smart Bridges II , with a budget of 92.37 million euros (Ministry of Infrastructure and Transport).

However, before this revision was completed, Greece applied for and received the "green light" from the Commission for a new revision of the ESAA "Greece 2.0", which will aim to restore the damage caused by Daniel in Central Greece. This new revision included the following projects:

Rehabilitation and repair of the road network and bridges that have suffered serious damage in six Regional Units in Thessaly and Central Greece, 420 million euros.
Reconstruction works of the railway network in the region of Thessaly (180 million euros).
Anti-corrosion projects to deal with the effects of the recent fires in the Evros and Rodopi regions (86 million euros).

Both the REpowerEU additions, as well as the two new ESAA "Greece 2.0" project categories, are expected to be definitively closed for the country on December 8, during the Ecofin meeting in Brussels.

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