EU approves Finland’s updated recovery plan

The European Union’s Economic and Financial Affairs Council at a meeting on Tuesday approved Finland’s updated Recovery and Resilience Plan, said the Ministry of Finance in a press release.

Funding for phasing out oil heating and for private charging infrastructure for electric vehicles was dropped from the Plan, as outlined by the Ministerial Working Group on Sustainable Growth in Finland last June.

Changes were also made to 18 investments.

Minister of Finance Annika Saarikko represented Finland at the meeting.

The Recovery and Resilience Plan is part of the Sustainable Growth Programme for Finland, which will boost reforms and investments.

Finland’s plan has been amended to reflect the updated maximum financial contribution which the European Commission published on 30 June 2022 to take into account changes in real gross domestic product (GDP) over time, said EU in a press release.

According to the Commission, this modification put forward by Finland does not affect the relevance, effectiveness, efficiency and coherence of the Finnish recovery and resilience plan.

The Recovery and Resilience Facility is the EU’s programme of large-scale financial support in response to the challenges the pandemic has posed to the European economy. The facility’s €744 billion (in current prices) are used to support the reforms and investments outlined in the member states’ recovery and resilience plans.