The significance of the Marshall Plan, initiated in 1948, was its role in aiding the recovery of European economies after World War II. Officially known as the European Recovery Program, it provided more than $12 billion (over $130 billion today) in economic assistance to Western European countries to rebuild war-torn regions, stabilize economies, and prevent the spread of communism. The Marshall Plan fostered economic cooperation, growth, and integration among European nations and is credited with helping to revive industries, improve infrastructure, and restore confidence among European populations. Its success contributed to the establishment of a strong, stable Europe.