The significance of the Marshall Plan in post-war Europe was profound, as it aimed to rebuild war-torn economies, stabilize governments, and prevent the spread of communism. Officially known as the European Recovery Program, it was initiated in 1948 and provided over $12 billion (equivalent to about $130 billion today) in economic aid to Western European countries. The plan facilitated the reconstruction of infrastructure, revitalization of industry, and restoration of commerce. By promoting economic cooperation and integration, the Marshall Plan laid the foundation for future European unity and contributed to the eventual formation of the European Union. It was a key component of the U.S. strategy during the Cold War.