October 27
2020
Dolores Utrilla
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22nd April 2020
Banking & Finance Covid-19 Institutional law

Coronavirus Response Investment Initiative Plus adopted

Today, the Council of the EU has given its approval and therefore made possible the adoption of a Regulation amending Regulations 1301/2013 and 1303/2013 as regards specific measures to provide exceptional flexibility for the use of the European Structural and Investments Funds in response to the COVID-19 outbreak. The measure, known as ‘Coronavirus Response Investment Initiative Plus’ (CRII+), has been greenlighted by the Council by written procedure, less than three weeks after the European Commission put forward the proposal, and following the European Parliament’s approval on 17 April.

The Regulation adopted today temporarily suspends some of the rules defining the scope and priorities of national programmes that can be financed by the EU Structural and Investment Funds, as well as the conditions under which regions are entitled to receive support. These changes entail exceptional flexibility for Member States to transfer money between funds and between regions to meet their particular needs in mitigating the social and economic damage of the pandemic.

In particular, the amendments introduced by the CRII+ allow mobilisation of all existing reserves in the structural funds for 2020 to tackle the effects of the outbreak. Moreover, for the period between 1 July 2020 and 30 June 2021, Member States will be able to request 100% financial support from the EU budget. The amendments also include the possibility for farmers to obtain access liquidity or to get compensation for their losses through favourable loans and guarantees of up to 200,000 euros.

This Regulation, which is due to enter into force on 24 April 2020, is the second legislative act in less than a month (after the first Coronavirus Response Investment Initiative) amending the rules on the use of EU structural funds in order to allow Member States to refocus resources on crisis-related operations.

Read the adopted text here.

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