The Italian government expects its debt to rise above 159.5 percent of GDP later this year, the highest figure in a century. To support its members the EU has agreed to a €672.5billion (£585billion) rescue package named the Recovery and Resilience Facility (RRF).
This consists of €312.5billion (£271.9billion) worth of grants and €360billion (£313billion) in loans.
EU members have been asked to submit recovery plans to access this money though they must meet strict criteria.
So far submissions have been received from Italy, Belgium, Austria and Slovenia.
Italy is asking for €191.5billion (£140.5billion) worth of grants and loans to support its recovery.Insurance Loans Mortgage Attorney Credit Lawyer
Italian prime minister Mario Draghi has asked for £140.5bn (Image: GETTY)
Italy has recorded 115,000 coronavirus deaths (Image: GETTY)
The proposed spending would be split over six areas including green revolution and digitalisation.
To access the RRF fund the European Commission is insisting countries focus their spending on certain areas.
They must commit to spend 37 percent of the money on climate change fighting initiatives and 20 percent on the digital economy.
The European Commission website states: “The Commission will assess the plans within the next two months based on the eleven criteria set out in the Regulation and translate their contents into legally binding acts.
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Italy is fighting another coronavirus wave (Image: GETTY)
“This assessment will notably include a review of whether the plans contribute to effectively addressing all or a significant subset of challenges identified in the relevant country-specific