The European Commission has finally put forward its plans for post-pandemic economic recovery and is set to propose that hardest-hit Italy and Spain will receive the biggest chunks of the €750 billion set aside.

The Commission said the package of measures would be worth €1.85 trillion in total “to help kick-start” the economy and “ensure Europe bounces forward.” Out of the €750 billion ‘Next Generation EU’ recovery fund, Italy could get 173 billion, while Spain could get 140 billion — and the fund will be offered in a combination of grants and loans, a senior EU official told Reuters.