Italy Council of Ministers Allocates €191.5 Billion to Boost Tourism

About €191.5 billion of funds have been earmarked for Italian tourism through the Recovery and Resilience Facility, which will support the country’s tourism enterprises.

The decision was set during the Cabinet, and aims to restore economic and social rates, which have been severely affected by the COVID-19 pandemic, TheSchengen.com reports.

The fund also expects to invest in two sectors important to Italy, tourism and culture, by working through a digital approach to relaunching.

The National Recovery and Resilience Plan (NRRP) is a reform package with €191.5 billion in resources and €30.6 billion to be financed through the Supplementary Fund established by Italian Decree-Law No. 59 of May 6, 2021.

The plan is expected to operate in three strategic areas: digitization and innovation, environmental transformation, and social inclusion. The plan is an intervention aimed at reducing the economic and social damage caused by the pandemic crisis and also contributing to addressing weaknesses in the Italian economy. The NRRP primarily aims to lead the country towards a more ecological and ecological approach and has six tasks to fulfill, one of which is tourism.

Previously, the European Commission introduced a new framework aimed at improving the inclusiveness and transformation of the Erasmus+ program and European Solidarity Corps until 2027.

Furthermore, the program budget approved in March amounts to approximately €28 billion and is distributed to provide financial support to those in need, assistance in learning relevant languages, flexible learning opportunities and simplified communication.

“This is an important confidence boost for tourism companies and their employees. The measures provided for in the decree make an important contribution to the restart, as they support the redevelopment of accommodation facilities, with non-reimbursable contributions and tax credits, accompanying credit disbursement, to ensure business continuity of businesses in tourism,” Bernardo said. Boca, president of the Italian National Hotel Association, Ferlalberge, said the sector will ensure liquidity needs and investments.

Digitization, Innovation, Competitiveness and Culture aims to catalyze the country’s digital transformation by investing in a digital approach to re-launch tourism and culture. It will also provide a total of 49.2 billion euros, of which 40.7 billion euros will come from the Recovery and Resilience Facility and 8.5 billion euros from the Supplementary Fund.

As previously reported by TheSchengen.com, the European travel and tourism sectors lag behind global tourism, growing 6.8 percent less compared to the global market.

According to the World Travel and Tourism Council (WTTC), the European travel and tourism sector can expect only €270 billion of the union’s GDP, which represents 23.9 percent growth for 2021.

>> Traveling to Italy amid COVID-19: What you need to know before booking a flight

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