Greece has met less than one-third of its Recovery Fund targets while facing significant delays in project implementation and fund absorption, currently at 50%. With 17 months remaining until the mechanism’s deadlines, a new MIIR report warns of the risk of losing EU funds.
Of the 381 total targets, only 107 (28%) are considered complete by the European Commission, making the risk of forfeiting funds increasingly likely.
Other countries with low to moderate absorption rates also face similar challenges due to delays.
However, Greece has an additional issue: a significant portion of Recovery Fund inflows remains in state accounts rather than reaching final beneficiaries. As a result, actual fund absorption is below 25%, despite four years since the fund’s launch.
Twenty companies have received over €3.7 billion—nearly half of what all ministries combined have received—with PPC, TERNA, and IPTO among the largest recipients.
The plan includes 105 investments, 77 reforms, and 381 milestones and targets, structured around five key pillars:
- Green Transition
- Digital Transformation
- Employment, Skills, and Social Cohesion
- Private Investments and Economic Transformation
- REPowerEU
The European Commission evaluates progress in these areas to determine fund disbursements.
According to European Commission data, Greece ranks 9th among the 27 EU member states in Recovery Fund inflows. France has received 76.6% of its allocated funds, followed by Germany (65.2%) and Italy (62.8%). Austria (30.1%), the Netherlands, and Bulgaria (25%) are among the lowest recipients.
As the deadline approaches, delays in project execution risk leading to contract irregularities or a loss of EU funding, warn both the European and Greek Courts of Auditors.
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