The Marshall Plan, officially known as the European Recovery Program, was implemented in 1948 to provide economic assistance to rebuild European economies after World War II. Its impact was profound; it helped revive industrial production, curtail the spread of communism, and foster political stability. By providing over $12 billion in aid, the Marshall Plan enabled European nations to invest in infrastructure, revive agriculture, and boost trade, significantly accelerating economic recovery. Additionally, it encouraged cooperation among European nations, leading to stronger political and economic ties that eventually contributed to the formation of what is now the European Union.