How billions from Europe's recovery fund are set to transform Spain's economy

This week, Real Economy visits Spain, the first country to receive billions from the EU's pandemic recovery fund.

We speak to Spain's Minister for Economy and Digitalization, Nadia Calviño and meet students in Tenerife, where recovery funds are being spent on vocational training.

Europe’s response to the pandemic crisis was an historic stimulus plan of €806.9 billion (in current prices).

At the heart of it is the Recovery and Resilience Facilityworth €723.8 billion (in current prices) which seeks to help EU countries get back on their feet through investment, creating jobs and building a green and digital future.

Spain is set to receive €69.5 billion of that money - the biggest public investment plan in the country's recent history. So far it has received €9 billion in emergency pre-financing and its first instalment of €10 billion in December 2021.

In Tenerife, Canarians like Adrián, are learning news professional skills to help them find employment.

"At the university, you might get a lot of theory but little practice. The good thing about vocational training is that there is an option to do internships," Adrián explains.

"If they like the way you work and they need people, they will take you on. How do I see my future after this training? Well, I hope to start working on something related to this. I would like to work in different countries of the world. The US, Germany, England, anywhere, but work in different places," he adds.

While training centres like the one Adrián is at already existed, thanks in part to the European Social Fund, €2 billion of the Recovery Fund money will be dedicated to the creation of 135,000 new vocational training placesacross Spain.

Jorge Rivero Antuña, Director of the CIFP César Manrique