NextGen EU funds: A transformation that has yet to arrive

NextGen EU funds: A transformation that has yet to arrive

NextGen EU

Fecha: septiembre 2025

Funcas Finance and Digitalization Department

SEFO, Spanish and International Economic & Financial Outlook, V. 14 N.º5 (September 2025)

Spain has received more than €55 billion in transfers from Next Generation EU, making it one of the EU countries most advanced in terms of formal disbursements approved by Brussels. Yet actual execution lags far behind: in 2024, only €7.5 billion of the €34.1 billion budgeted was disbursed, with less than a third of credits converted into effective payments. Around a quarter of resources have gone to current expenditure, diluting the program’s longterm transformative impact. While Spain has complied with milestones to unlock European disbursements, the funds have too often failed to deliver meaningful structural change. With less than two years left before the 2026 deadline, the challenge is not only to accelerate absorption but also to ensure that investments and reforms deliver a lasting legacy.

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