Kaag expects European corona support to be more than one billion lower

The Netherlands is likely to receive more than a billion euros less from European corona support than was thought. Minister Kaag of Finance writes to the House of Representatives that, according to preliminary calculations, the Netherlands receives 4.7 billion euros. Previously, it was assumed 6 billion.

Kaag emphasizes that the numbers are not final yet, but โ€œdue to the likely significant adjustmentโ€, she is already informing the House.

Economic figures are not easy

The change is mainly because the Dutch economy is developing better than was feared: in 2020, there was a shrinkage of 3.8 percent instead of the previously predicted 5.3 percent and in 2021 growth came to 4.0 percent instead of the previously expected 2.2 percent.

Kaag writes that Dutch growth rates are not unique and also apply to other Member States, but that the windfall in the Netherlands is relatively large. In some other countries, the economic recovery came later than expected, and if the final figures are known, that group receives more. At the time, the Netherlands agreed that more heavily affected countries will receive more support.

The European Commission will announce the final distribution of the corona aid in June.