The Marshall Plan, officially known as the European Recovery Program, was significant in post-World War II Europe as it provided extensive financial aid to help rebuild war-torn European economies. Initiated in 1948, the plan aimed to prevent the spread of communism by promoting political stability and economic recovery in Western Europe. The U.S. extended over $12 billion in aid, facilitating industrial and agricultural recovery, infrastructure rebuilding, and the integration of European markets. The success of the Marshall Plan not only helped restore economic vitality but also fostered cooperation between European nations, leading to increased unity and eventually contributing to the formation of the European Union.