Just a giveaway to the best politically connected companies. Like all such EU initiatives.
Such a tiresome and self-defeating mindset. If the EU does nothing it's useless, if it does something it's just corruption. Of course politics and lobbying will play a role when we're talking about hundreds of billions of euros, but that doesn't mean that it can't end up being a net positive for the union. Ask for transparency and keep tabs, don't assume that it's already lost.
To quote a very rich and slimey asshole I’ve interacted with who’s income is largely from such initiatives. It’s just money for papers.