The Funding for Canarias Comes from the Spanish Government’s Recovery and Transformation Plan (PRTR) and Totals €2.4 Billion
This funding represents a significant boost to the economy of the Canary Islands following the COVID-19 pandemic. In 2025, the autonomous community of Canarias is expected to receive a record €6.594 billion in subsidies, an 8.6% increase compared to 2024. These funds will be allocated to infrastructure projects, sustainable mobility, energy diversification, and trade improvement. The efficient deployment of these resources contributes to strengthening economic growth in the Canary Islands, reflected in rising employment rates and improved pensions.
Investment Breakdown
As of November 30, 2024, €2.372 billion has been recorded, of which €727 million comes from tenders and calls directly managed by the General Administration of the State. Additionally, €1.645 billion has been allocated through various sectoral conferences to the Canary Islands.
Economic and Social Boost
Anselmo Pestana, delegate of the Spanish government in the Canary Islands, emphasized that maintaining economic progress and promoting sustainable growth that fosters social justice are priorities for the government. According to Pestana, European funds have been crucial in restarting the economy and consolidating GDP growth that surpasses that of other major European economies.
Historic Investments in 2025
In 2025, the Canary Islands will receive the largest prepayments in their history, totaling €6.594 billion, an 8.6% increase compared to 2024. This amount includes an additional settlement, bringing the total to €7.524 billion. Furthermore, the region will receive €2.785 billion from European cohesion funds for the 2021–2027 period.
Key Projects
The General Administration of the State has made significant investments through the PRTR to improve infrastructure in Canary Islands ports, with €5 million allocated, and €44.5 million earmarked for sustainable and digital mobility projects across various islands.
In the energy sector, €106 million has been set aside for geothermal drilling on La Palma, Tenerife, and Gran Canaria, and €45.4 million for renewable marine energy projects. Additionally, €79 million has been invested in projects to improve the efficiency and sustainability of agricultural irrigation through agreements with the Ministry of Agriculture.
Employment and Social Welfare
As economic recovery progresses, the Canary Islands have seen a significant increase in social security registrations. By the end of 2024, there were 940,689 registered members, representing considerable growth since December 2018. Additionally, there are currently 309,854 permanent contracts, marking a 217% increase.
Beyond employment, the average pension payment has risen by approximately €300 per month, reaching €1,335. In December 2024, around 76,503 people received the Minimum Vital Income, which has been distributed since its implementation in June 2020.
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Funding for Canarias ©
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