According to the European Commission, the total amount of 160.24 million Euros will be provided to Greece in order to support the unemployed youth during the years 2014 and 2015. The funds are part the European Youth Employment Initiative.
The total budget of this initiative is 3 billion Euros and will be available for subsidized employment programs and apprenticeships in different European regions, where youth unemployment is over 25%. All Greek regions, except the Ionian Islands are eligible to receive funding.
The Initiative funds will become available on the 1st of January, 2014 and should be absorbed by the end of 2015. National governments must submit their plans by the end of 2013. The goal is to support young people from 15 to 25 years who are not studying or working.
It should be noted that the total funds allocated for the new multi-annual EU budget (2014-2020) to support the youth, reach up to 6 billion Euros. Following a proposal from the European Commission, it was decided that this amount would be given in the years 2014-2015 to the European regions where youth unemployment is over 25%.
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