The Marshall Plan, initiated in 1948, was crucial for the economic recovery of post-war Europe. It provided over $12 billion (equivalent to over $100 billion today) in aid to Western European countries to reconstruct their economies after World War II. The plan aimed to prevent the spread of communism by stabilizing these nations economically, promoting political stability, and fostering trade between Europe and the U.S. It significantly contributed to the rapid recovery and integration of Western European economies, laying the foundation for modern European Union relations and helping to establish a prosperity that ultimately countered Soviet influence.