Valencian Community’s regional government announces a €944 million boost

THE regional government announced a €944 million package to counteract the energy and fuel emergency and reboot the economy.

Generalitat president Ximo Puig explained on April 7 that the 45-point Plan Reactiva has been created to provide a “forceful public response” to the situation resulting from the Ukraine war while minimising its effect on the Valencian Community.

More than a third of the total – €342 million – will be used to introduce new measures while €602 million will accelerate investment.

The Plan Reactiva cash is coming from the Generalitat itself, EU funds and the European Commission’s Recovery and Resilience Facility, Puig revealed.

Allocations include €45 million for the self-employed who have been hit the hardest by the energy crisis and another €50 million for companies that depend on gas but have not been included in central government aid.

Valencia’s Finance Institute (IVF) will provide €100 million to assist companies suffering from loss of income while the Generalitat also intends to cut regional taxes by at least 10 per cent, bringing savings of €71 million to families as well as businesses.  Fishing fleets will no longer need to pay for using Valencian Community ports and public transport, including the Tram, will be cheaper.

“Plan Reactiva is the most important aid plan launched by the Generalitat or any other autonomous community,” Puig said.  “This surpasses our €500 million Plan Resistir and the €647 million Plan Resistir Plus.”

Puig added that the Plan Reactiva was an emergency plan that was also open to “new actors and supplementary measures.”