Finland's Recovery and Resilience Plan for Europe: Overview of Key Initiatives
Finland's Recovery and Resilience Plan focuses on addressing challenges identified in CSR reports through a balanced response that promotes growth, resilience, and social impact. Key areas include green and digital transitions, resilience in health and social care, competitiveness and growth, and education and skills development. The plan emphasizes green initiatives such as phasing out coal and promoting renewable energy, as well as digital transformations and investments in public and private sectors. Additionally, efforts are directed towards strengthening health and social care, supporting the labor market, and enhancing education and skills development. The plan aims to ensure lasting impact, effective monitoring, and reasonable cost estimates while maintaining coherence and robust control systems.
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Launching the recovery A Recovery plan for Europe: The Recovery and Resilience Facility FINLAND Financial Counsellors Working Party, 19 October 2021
Overview of Finlands RRP 57 measures 18 reforms and 39 investments 13 components 140 Milestones & Targets 2.1 billion in grants 2
Assessment summary 2. A Addresses challenges identified in CSRs 1. A Balanced response 3. Growth, resilience and social impact A 4. A Do no significant harm 5. Green transition 6. Digital transition 7. Lasting impact A 8. A Effective monitoring and implementation A A 9. Reasonable and plausible cost estimates 10. Robust control systems A 11. Coherence A B
Green transition Key reforms Climate Change Act Phasing out coal Reform energy and transport taxation Waste Act reform to promote recycling 50% of planallocated to climate objectives 50% Key investments Renewable energy ( 318.7m) Decarbonising industry ( 60m) Replacing oil boilers ( 70m) Electric vehicle charging ( 40m) DNSH No measure in the plan harms environmental objectives 4
Digital transition 27% of planallocated to digital objectives Key reforms Promoting digital skills Prevention of money laundering 27% Key investments in public and private sectors Digitalisation of rail networks ( 85m) Broadband connectivity ( 50m) Boosting competitiveness in SMEs ( 30m) Cyber security ( 10m) Sector-specific investments Digitisation of healthcare system ( 144.8m) R&I in microelectronics, 6G, AI and quantum computing ( 25m) 5
Resilience Health and social care Labour market Better access to health and social care 22 welfare areas ( 260m) Promoting e-health ( 100m) Supporting cost- effectiveness ( 30) Reform of the Public Employment Services (Nordic employment model, 90m) Integrating the young ( 13m) and people with partial work-capacity ( 47m) Attracting international talent by fast-tracking residence permit procedures ( 20m) S Competitiveness & growth Investment in RDI for twin transition ( 267m) Supporting tourism, culture and creative sectors ( 60m) T Education & skills Life-long learning ( 93m) New study places in higher education (15m) 7
Social impact and equality screening Learning and upskilling opportunities for all adults Incentives to work and attract talents Social and territorial cohesion Better access to health and social care 7
Audit and Control Protection of the EUs financial interests Control and audit systems: Adequate processes and structures Roles and responsibilities clearly defined Coordinating role of the Ministry of Finance Framework to protect against serious irregularities in the use of funds: Fraud Corruption Double funding Milestones and targets: Clear and measurable Ambitious but realistic Robust data collection and verification mechanisms
Disbursement profile 500 25% 450 % of corresponding milestones and targets 400 20% 350 300 15% EUR million 250 200 10% 150 100 5% 50 0 0% Prepayment 2021 2022 2023 2024 2025 2026 Grant instalments (net), EUR % of M&Ts achieved (rhs) Source: Commission calculations RHS = right hand side 9
