The Marshall Plan, officially known as the European Recovery Program, was significant for European recovery after World War II as it provided extensive economic assistance to rebuild war-torn nations. Initiated in 1948, the plan allocated over $13 billion (approximately $150 billion in today’s dollars) to help revitalize European economies, prevent the spread of communism, and foster political stability. It facilitated infrastructure rebuilding and boosted trade, leading to rapid economic growth in Western Europe. By alleviating poverty and fostering cooperation among nations, the Marshall Plan played an essential role in creating a prosperous and stable Europe, ultimately contributing to the establishment of the European Union.