France’s ‘Reboot’ plan tops €100 billion

It has been announced by the French government that a €100 billion ‘France Reboot’ stimulus package to reinforce its ailing economy in the face of a spike in coronavirus numbers.

As a preference, the two-year program has the purpose to halt the quick rise in unemployment through creating at least 160,000 jobs by 2021.

As reports notified, nearly €30 billion of the package is going to be spent on environmentally friendly energy policies, with €2 billion in extra funding set for the ongoing development of a hydrogen infrastructure, containing hydrogen-powered rolling stock for the country’s rail network.

Alstom, the engineering company is, for instance, set to place two hydrogen-powered trains on the SNCF network till 2022.
Moreover, the recovery package will cause a decrease in the carbon intensity of construction, as well as the development of green technologies such as hydrogen, biofuels and recycling.
In construction, the government has reserved €9 billion for the development of sustainable energy, as well as €7 billion for constructing renovation and additional energy efficiency.
The European Union has undertaken €40bn to the recovery package, which is predicted to return France’s Gross domestic product (GDP) to its pre-Covid 19 (i.e. 2019) figure by 2022.

Officials in the government stated that the package will at last be worth up to 4% of France’s Gross domestic product, a larger proportion than any other European country has undertaken for recovery.

“This recovery plan aims to keep our economy from collapsing and unemployment exploding, adding that “the ambition and size of this plan are historic,” said France’s Prime Minister, Jean Castex.

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