According to the Government’s portal (“Elisa del Plan de Recuperación”), as of August 31, 2026, a total of €79.854 billion has been reserved for various projects between the Central Administration and the autonomous communities. However, of this amount, only €56.7 billion has been “resolved” or awarded, which does not mean the funds have reached their final recipient.
In other words, only one-third of the €163 billion in Next Gen funds (€79.854 billion in grants and €83.160 billion in loans) have an assigned destination today.
The EU has already disbursed 5 of the 9 payments agreed upon with Spain in exchange for fulfilling certain reforms: €55.09 billion in grants and €16.27 billion in loans. This means there are still almost €25 billion in grants and over €65 billion in loans remaining, which must be allocated before August of next year and executed and paid before December 2026.
The former Spanish Vice President and Minister of Economy, Nadia Calviño, stated last year that the European funds require an approved State General Budget for their deployment. However, her successor, Carlos Cuerpo, has disregarded this necessity—given the impossibility of approving a Budget since 2023—and is repeatedly negotiating changes to the Recovery Plan agreed upon with Brussels.
Consequently, according to the Caixabank research service, the NextGen funds’ contribution to Spanish growth has been 0.4 percentage points per year since 2021, which is far from the 2 percentage points announced by the Spanish Prime Minister.
