Greece is the largest beneficiary of the Recovery and Resilience Facility (RRF) as a percentage of GDP, with total available resources amounting to approximately 16% of GDP in 2023, compared with an EU-27 average of just 3.7%. In absolute terms, these resources amount to around €36 billion, of which nearly half consist of grants and the remainder of loans. This substantial allocation highlights the importance of the RRF for the Greek economy, while at the same time increasing the requirements for its effective and timely implementation.
With regard to disbursements, by early January 2026 Greece had absorbed approximately 65% of the total approved resources, a share slightly above the EU-27 average, placing the country ninth among the Member States. This performance is considered satisfactory, albeit weaker than in previous years, as at the end of 2023 Greece ranked higher in the European league table. This relative decline reflects the fact that the subsequent phases of RRF implementation are more demanding.
In terms of the achievement of milestones and targets, Greece has completed approximately 47% of the total, a figure slightly below the EU-27 average (around 49%), placing it in 17th position. This gap indicates that, while the country is moving close to the European average, it does not rank among the top-performing countries, such as Austria, France, Denmark or Italy, which consistently occupy the highest positions.
A comparison by policy pillar reveals a more complex picture. Greece outperforms the EU-27 average in the pillars of “Smart, Sustainable and Inclusive Growth” and “Green Transition,” demonstrating relative progress in investments and reforms linked to growth and the energy transition. By contrast, it lags behind in key areas such as “Digital Transformation,” “Social and Territorial Cohesion,” “Health and Institutional Resilience,” and, most notably, “Policies for the Next Generation,” where one of the lowest completion rates in the EU is recorded. In these pillars, several countries have already exceeded a 50% completion rate, while Greece remains significantly lower.
These divergences are not unique to Greece, as several Member States face similar challenges. Nevertheless, the causes of delays in Greece, as well as across the EU more broadly, are associated with the increased complexity of reforms, delays in public procurement, inflationary pressures, supply-chain disruptions, and issues related to administrative capacity. As the remaining milestones mainly concern the completion of large-scale projects rather than simple institutional interventions, implementation becomes increasingly demanding.
Regarding the disbursement trajectory over the period 2021–2024, Greece demonstrates better performance than the EU-27 average in the loan component, both on an annual and cumulative basis. In the case of grants, however, the country underperforms relative to the European average, particularly in 2024, indicating difficulties in the faster activation of public and co-financed actions.
The picture is less favourable with respect to the use of resources by final beneficiaries. Greece has utilised a smaller share of available grants compared with the EU-27 average, while in the loan component it performs marginally better. Nevertheless, a clear improvement has been observed in recent years, as annual utilisation rates in Greece now exceed the European average, pointing to an acceleration in implementation.
Finally, with regard to the allocation of resources, Greece compares positively with most European countries, as the largest share of grants is directed towards capital expenditure and investment subsidies—among the highest proportions in the EU-27. Similarly, loans are channelled almost exclusively through financial instruments via the banking system, thereby supporting the private sector.
The Recovery and Resilience Facility (RRF) constitutes the European Union’s primary financing mechanism for supporting Member States in the aftermath of the pandemic, with the aim of strengthening growth, resilience and the structural transformation of their economies. Its operation is based on the achievement of specific milestones and targets, the completion of which is a prerequisite for the disbursement of funds. In this context, comparing Greece’s performance with that of the other EU-27 countries is of particular interest, given that Greece ranks among the largest beneficiaries in proportional terms relative to the size of its economy.
Given the significant importance of the RRF for the Greek economy, its success will be judged not only by the speed of absorption, but above all by the extent to which the resources are translated into sustainable growth and meaningful convergence with Europe’s more advanced economies.
