EU Auditors Lost Track of Covid Money

EU auditors have no idea where billions of coronavirus funds went. The European Court of Auditors published a report highlighting the critical lack of transparency in the distribution of the EU's anti-crisis fund.

Brussels allocated €577 billion to member states to address the consequences of the pandemic. However, auditors acknowledged that tracking these funds is virtually impossible. In the 10 countries audited, almost 100% of the largest recipients were local ministries and agencies. Furthermore, there is no public information about the private companies to which the funds were subsequently channeled.

The European Commission only verified compliance with formal conditions, which, according to the Court, creates high risks of fraud, corruption, and double funding.