*Update*: First monitoring report shows special assets running at half capacity

The special assets for infrastructure and climate neutrality were supposed to repair Germany's dilapidated infrastructure and boost the economy – but the start was bumpy. According to the Finance Ministry, as reported by FAZ, funds flowed only to around two-thirds across all three pillars in the past year. The federal government is permitted to raise a total of 500 billion euros in special borrowing over twelve years – yet in the first year alone, a considerable portion of the funds remained unused.

Government sees teething troubles

The federal government acknowledges teething troubles but remains optimistic. According to Zeit Online, the government emphasizes that the special assets are now the only growth driver in the federal budget – the regular budget provides hardly any stimulus. The gap in fund disbursement is expected to close in the coming years as planning and procurement processes gain momentum.

Criticism comes from multiple quarters. taz comments that sluggish implementation is politically fatal: targeted infrastructure investments would have had a social signaling function precisely now – as a visible counterweight to loss of confidence and right-wing populism. That the black-red coalition has not yet fully leveraged this tool is a missed opportunity.

Beyond that, the question arises whether the funds are being distributed sensibly at all. Stern reports on suspicions that individual projects – including a swimming pool for 52 million euros – barely correspond to the special assets' priorities. While the federal government's first report provides transparency on spending for the first time, it leaves doubts about strategic management open.

Municipal level already benefiting

At the municipal level, the funds are nonetheless arriving: Hannoversche Allgemeine reports that the city of Ronnenberg receives around 8.7 million euros from the infrastructure package – the bulk is to flow into school construction. Such individual examples show that the distribution mechanism works in principle, but overall speed still lags significantly behind expectations.