Around €191.5 billion has been allocated to the tourism sector in Italy via the Recovery and Resilience Facility, providing support to tourism businesses throughout the country.
The decision was reached during the Council of Ministers, with the objective of restoring economic and social rates which have been battered by the impact of the coronavirus crisis.
In addition, as part of the funding for Italy’s tourism and culture industries, investment will be focused on a digital approach.
“The National Recovery and Resilience Plan (NRRP) is a reform package with €191.5 billion in resources and €30.6 billion being funded through the Complementary Fund established by Italian Decree-Law No. 59 of May 6, 2021,” SchengenVisaInfo.com reports.
The plan will be concentrated on three key areas, namely digitisation and innovation, ecological transition, and social inclusion. The aim is to minimise the economic and social damage as a result of the pandemic, and also rectify weaknesses within the country’s economy. In addition, one of the main objectives of the National Recovery and Resilience Plan is to lead Italy towards a more ecological and environmental approach.
Moreover, the budget for the program, which was approved back in March, hits around €28 billion and will be distributed to provide financial support to those who need it most, as well as language learning assistance, flexible learning opportunities and simplified communication.
“This an important confidence boost for tourism businesses and workers. The measures provided for by the decree offer an important contribution to the restart, as they support the redevelopment of accommodation facilities, with non-repayable contributions and tax credit, and accompany the disbursement of credit, for ensuring the business continuity of companies in the tourism sector and guarantee liquidity needs and investments,” Bernardo Boca, the President of the Italian national hotelier association, Ferlalberghi commented.
“Digitisation, Innovation, Competitiveness, Culture” intends to stimulate Italy’s digital transformation by investing in a digital approach to the relaunch of tourism and culture. Furthermore, it will provide a €49.2 billion total, comprising of €40.7 billion from the Recovery and Resilience Facility and €8.5 billion from the Complementary Fund.
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