The Marshall Plan was an American program of aid for 16 western European countries from 1948 to 1952. Its official name was the European Recovery Program (ERP). The Plan is named after the man behind it, US Secretary of State George C. Marshall, who in 1953 was awarded the Nobel Peace Prize for his initiative.
In the years after 1945, Europe was reeling from the aftermath of World War II. Devastation was widespread, the economy in ruins. Basic supplies, especially food and raw materials, were scarce. The American reconstruction program was conceived to help the economy in western Europe get back on its feet by its own efforts.
Marshall Plan aid for Austria was chiefly in the form of commodities that were sold there. The revenue from these sales was deposited in special accounts. The money was used to grant loans to Austrian commercial enterprises to promote growth, productivity and employment.
