EU expects GDP growth of 0.5 percent and the creation of over one million jobs

According to today’s report on the results of the cohesion policy program for the period 2021 – 2027, through cohesion policy funds, the GDP of the European Union will increase by 0.5 percent by 2027. These funds will also enable the creation of 1.3 million jobs and bring many additional benefits to EU regions and citizens, states the European Commission’s announcement.

To achieve this, 545 billion euros in investments will be mobilized under the cohesion policy for 2021 – 2027, including 378 billion euros financed by the EU. These investments, the EC adds, will stimulate lasting socioeconomic convergence, territorial cohesion, a social and inclusive Europe, and an uninterrupted and fair green and digital transition in which no one will be left behind.

Green and Digital

Cohesion policy, the EU’s main long-term investment instrument, promotes research and innovation and addresses the issue of disparities in digital skills. For example, 83 thousand researchers will have better working conditions, and 725 thousand businesses will receive support for smart growth.

Under the cohesion policy, public services will be modernized and digitized (including 22,500 public administrations), investments will be made in digital skills and infrastructure (high-speed mobile networks and fixed digital infrastructure for 3.1 million residential properties), and the digital transformation of businesses will be encouraged.

Green investments in climate change mitigation and adaptation will support the goals of the European Green Deal, namely reducing emissions in the EU by at least 55 percent by 2030 and achieving climate neutrality in the EU by 2050.

Cohesion policy will support projects in the areas of energy efficiency and renewable energy. This will be particularly important for implementing key measures under the REPowerEU plan. For example, energy efficiency is expected to improve in 32 million square meters of public buildings and 723 thousand residential properties, and capacities for renewable energy will increase by 9555 MW.

To improve climate change adaptation and disaster risk management, investments will be made in 229 thousand hectares of new green infrastructure.

Investments will also be made in sustainable urban mobility, namely 1230 kilometers of new and modernized tram lines and subway lines, as well as 12,200 kilometers of cycling paths.

Plans for clean water and better wastewater infrastructure will benefit 16.4 million people.

Cohesion policy helps people and areas most affected by the transition to climate neutrality so that no one is left behind. Thus, cohesion policy funds will provide assistance to nearly 39 thousand businesses in transition.

More than five thousand small and medium-sized enterprises (SMEs) will invest in new skills for smart specialization, industrial transition, and entrepreneurship. Approximately 120 thousand unemployed individuals will benefit from this support, and nearly 200 thousand people will acquire new qualifications. Cohesion policy will also assist in the restoration of nearly 46 thousand hectares of land.

Cohesion policy will support efficient transport systems at all levels, such as railways, one of the safest and cleanest modes of transport: 3900 kilometers of railway tracks will be built or modernized within the TEN-T network.

Integration and Inclusion

To enable social and inclusive growth, in line with the European Pillar of Social Rights, cohesion funds invest in people.

Funds will be invested in acquiring professional skills and lifelong learning for at least 6.5 million unemployed individuals, in line with the goals of the European Year of Skills. This will contribute to achieving the EU’s goal that by 2030, at least 60 percent of all adults participate in training each year.

Cohesion funds will improve the integration and inclusion of more than 3 million people, including 600 thousand individuals from marginalized groups, such as Roma.

Support will be provided for 1.7 million primary and secondary school students, and nearly 3.5 million students are expected to use new or modernized facilities.

Significant investments will be made in health and long-term care, including infrastructure and equipment. It is expected that 60 million patients will come for examination or treatment in new or modernized healthcare facilities.

Finally, under the European Territorial Cooperation program in the EU and neighboring countries, investments will be made in joint projects involving more than 2 million people, 40,299 organizations, and 25,456 SMEs, states the European Commission’s announcement.