On Monday, Employment Minister Fátima Báñez announced the EU is giving Spain 2 billion euros to be used to help young Spaniards find work. The announcement came after she met with Prime Minister Mariano Rajoy and Spanish labour union leaders.
The 2 billion euros the EU will give Spain to be used to boost jobs, however, isn’t the only money the economically stricken country is going to be receiving. The total is expected to be around 6 billion euros, which will amount to approximately 900 million euros a year for the next eight years. However, it’s likely to be 2014 before the first round of funding appears.
With unemployment in Spain higher than 27 percent and more than 57 percent of young people out of a job, the EU has to do something to stop the mass exodus of young people from Spain. Young people who are moving to other European countries in an effort to find a job.
Whether the EU giving Spain 2 billion euros to help with the unemployment crisis for the young will help, however, is yet to be seen as some financial experts believe it’s becoming too late for Spain’s ‘lost generation’ — young people who will either never find a job or will leave the country for a life abroad.