15 billion from Brussels at stake if the objectives do not change – Corriere.it

The report on the implementation of the National recovery plan (Pnrr) finally there. still in draft, in the version passed on Wednesday by the control room. But it already contains many confirmations, some surprises and above all the first real clarifications on what is happening around the largest investment project in Republican history. A sensitive aspect concerns the now out of reach objectives that would have to be achieved this month, in order to be able to ask Brussels for the fourth installment of the 16 billion Pnrr. It was known that work remains to be done on tenders for daycare centers, electric charging stations and various other projects. But one point stands out: the 15 billion euros of European funds in the plan – taken from the portfolio of non-repayable subsidies – for the 110% Superbonus. There are problems here, more than one. On 19 April, the government asked the EU Commission for some changes to avoid the ineligibility of some types of expenditure. In essence, Italy wants to change some performance objectives in order not to lose the European funds linked to them.

At stake are the 15 billion Pnrr of direct transfers

At stake here are precisely the 15 billion Pnrr of direct transfers from Brussels intended for real estate tax credits. In the first place in some panointed by the administration there must have been some confusion, states the report, because it was not possible to punctually distinguish the interventions relating to the Sismabonus from that of the Ecobonus (at 110%). But not only a problem of how to write the report, there is also the substance. It is requested to modify the conditionality envisaged, indicating a numerical datum for the cost of the boilers and excluding the reference to diesel boilers, with reference to more efficient systems compliant with the legislation. They seem like technical details, but 15 billion are at stake. In order to use the European funds in the Superbonus, Italy had in fact made two commitments: that spending on boilers was limited compared to the total sums of the renovations and that they installed gas boilers only to replace diesel boilers and not other gas boilers. Instead above all the second condition has not been respected, perhaps it has been inserted incautiously. But now, in fact, we read in the government report: The need to clarify these two aspects is very significant given that the measure has a cost charged to the Pnrr equal to 15 billion which, in the event of non-admissibility, would have a significant negative impact on the budget of the state.

The mistake on the Superbonus risks costing dearly

In other words, the mistake on the Superbonus risks costing dearly if Brussels does not show itself to be flexible. The European subsidies could no longer be used and the costs would entirely weigh on the Italian public debt. One can imagine that then Italy would ask to use the 15 billion in subsidies now free for some other plan that has so far been financed with loans from Brussels, in order to cushion the impact on the debt. But a delicate game. We then begin to understand something of the third installment of 19 billion not yet paid, but not yet the fourth of 16 based on June’s goals. On the third disbursement, the government text informs that payments are stopped because a sample check requested by Brussels on some interventions is still underway, to be sure that Italy has really implemented them. As for the fourth, there is more ambiguity. The report informs that on 10 May Italy announced in Brussels an overall reformulation of the Plan. As for the request for payment of the fourth installment of 16 billion, expected for July, it will be presented in line with the timing of this process. Basically – it seems to understand – the government could postpone the request for the next disbursement until it has reached an overall agreement with Brussels on the new objectives to be respected.