State-owned and state-backed companies have become the largest beneficiaries of Next Generation EU funds at the close of the Recovery Plan, receiving a total of €12 billion. Many of them, moreover, compete directly with private companies.
This figure represents more than 15% of the €80 billion allocated to direct non-repayable grants under the plan, and nearly 40% of the €32 billion awarded to large companies and joint ventures (UTEs).
The top three spots are held by public companies: ADIF (Railway Infrastructure Administration)—the tragic protagonist of the Adamuz accident, which left nearly fifty dead—has received €5.8 billion. TRAGSA (Empresa de Transformación Agraria) has received €1.4 billion, while its subsidiary Tragsatec (Tecnologías y Servicios Agrarios) has taken more than €600 million.
