Italy's Draghi presenting 'epochal' virus recovery plan

Italian Premier Mario Draghi is presenting a 222.1 billion euro ($268.6 billion) coronavirus recovery plan to Parliament

ROME -- Italian Premier Mario Draghi is presenting a 222.1 billion euro ($268.6 billion) coronavirus recovery plan to Parliament on Monday, aiming to not only bounce back from the pandemic but enact “epochal” reforms to address structural problems that long predated COVID-19. Italy has the biggest share of the EU’s 750 billion euro ($907 billion) recovery pot, with 191.5 billion euros ($231.6 billion) of its six-year plan financed by EU funds. Draghi, the former European Central Bank chief, was put in the premier’s office specifically to make sure the money isn’t wasted since Italy has long had one of the worst records in the EU of making use of available funds. The plan is heavy on investments to modernize and digitize Italy’s economy and bureaucracy and encourage environmentally sustainable development. Both are directed particularly at the all-important tourism industry — think Venice, the Colosseum and Amalfi coast resorts — which accounts for 13% of Italy’s gross domestic product and was devastated by pandemic-related closures. Employment options for women and young people are prioritized, given youth unemployment tops 30% and Italy has long ranked at the bottom of the EU in terms of the percentage of women in the workforce. Women accounted for more than half the 456,000 jobs lost in Italy last year.