As the Greek government is scrambling to absorb the total sum of funds from the Recovery and Resilience Fund – a performance-based temporary recovery instrument designed to mitigate the economic and social impact of COVID-19 – by 2026, a top official familiar with the matter ruled out Greek authorities would request any time extension to utilize the allocated financial package due to snags or delays in projects.

According to the Stability Program, it is estimated that 3.6 billion euros will flow in from the Recovery Fund this year and an additional 5.1 billion euros in 2025 in subsidies, an amount equivalent to 1.5% of GDP in 2024 and 2% of GDP in 2025.

By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients.

In total, 768 projects and sub-projects with a total budget of 21.8 billion euros have already been approved and included in the subsidy program of the Recovery Fund. The approved projects include, among others: energy renovation of residential buildings, energy upgrading of public sector buildings, island electrical interconnections, energy storage investments, construction of highways, development of micro-satellite networks, implementation of the national secondary prevention program in public health, implementation of excellence strategy in universities and innovation, etc.