The European Union has proposed giving Malta nearly €1 billion in support loans and grants as part of a COVID-19 recovery fund worth around €750 billion, sources have confirmed.

The figures have not yet been officially confirmed but it is believed set to be split into around €642 million in loans and €350 million in grants. 

European Commission President Ursula von der Leyen unveiled the recovery plan today, meaning it will now be discussed among member states at the EU Council for final approval.

Contacted by Lovin Malta, Maltese MEP Roberta Metsola said: “This could be a watershed moment for Europe and for Malta.”

“We have managed to ensure that Malta and Gozo are eligible for a recovery package of close to €1 billion in grants and loans that we can use to transform our post COVID-19 economy into a truly circular and sustainable one.”

“These loans and grants are essential to protect jobs, to rescue industries and save livelihoods.”

The package announcement comes as Europe tries to figure out how to begin emerging from the worst of the COVID-19 pandemic into a new world that has been changed forever.

Just today, Latvia released a list of countries that it was urging its citizens to avoid travelling to based on their rate of infection. Malta was placed in the red, considered too risky with the country’s current rate of infection at 25.6 per 100,000 inhabitants over 14 days.

However, the recovery aid will be able to do a lot for Malta, especially as summer approaches and the typically lucrative touristic season seems dead on arrival.

What do you think of this gesture of support from the EU?