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REI: More than 500,000 unemployed and over 300,000 firms could face insolvency or go bankrupt

Over 500,000 unemployed and more than 300,000 firms could face insolvency or go bankrupt in the coming period shows one of the darkest scenarios for 2021, as the economic impact of COVID-19 for companies and employees will be very strong and the effects will only be felt to start next year.

According to REI Finance Advisors, one of the most dynamic consultancy companies specialized in attracting European funds and state aid for companies active on the Romanian market – a solution to overcome this economic deadlock could be to access non-reimbursable funds, with European or Romanian governmental  support.  There are also projects aimed at supporting companies that have been recording losses and are still facing financial problems.

According to the latest data, Romania attracted 12.8 billion euros by August 28, 2020, representing 42,3% of the total allocation for our country, in the 2014-2020 European financing program, with a total budget of over 460 billion euros, being well below the level of the other EU Member States.

According to the European Commission (EC), during the period 2014-2020 Romania could have benefited from a budget of more than 36,7 billion euros in non-reimbursable funds, being the sixth EU country with the most generous budget for European investments. Poland was the country with the highest European allocation of over 86 billion euros.