Amsterdam to push €4 bil. into recovering from Covid crisis

The Amsterdam office of mayor and aldermen wants to allocate 4 billion euros in the coming years to get out of the coroanvirus crisis. Many sectors in the capital were hit hard by the pandemic. Alderman Victor Everhardt (finance), who presented the budget for 2022 on Thursday, said they are "doing everything" to "invest Amsterdam out of the crisis". The aim is to invest 50 percent more next year than in previous years.

That will lead to a higher debt. This is expected to increase from 6.1 billion at the end of last year to 7.3 billion at the end of 2022. The debt is expected to amount to 8.4 billion euros in 2025.

The city council wants to invest in sports facilities, parks, youth centers, schools, art and cultural facilities, infrastructure, necessary maintenance of the city, construction sites, and the energy transition. Most of the money, more than a billion euros, will be earmarked next year for work, income and participation. This concerns, for example, income provisions, integration activities, and debt relief. Another billion is intended for public health, youth and care, such as shelters for the homeless, specialist youth care and expenditure on social support. In addition, the city council is allocating about half a billion euros for traffic, transport and water management; things like public transport infrastructure and maintenance of bridges and quay walls.

Although the economic development of the city and the region is moving in the right direction, Amsterdam is still lagging behind the national picture. In the creative sector, for example, there is still no sign of recovery. Due to the crisis, inequality in the city is increasing and it is expected that - if the government stops its support packages - more people will end up on social assistance, unemployment or debt assistance.

The city council still has to approve the budget.