Italy has reopened one of the most famous ruins of Pompeii, following threats the site might lose its UNESCO World Heritage site listing and millions in EU funding unless it is restored. The Villa dei Misteri (Villa of Mysteries), an estate on the outskirts of Pompeii's city centre that features some of the best-preserved frescoes of the site, is now open to the public after one of many restoration projects ordered by the EU. The historic Roman city, which was destroyed by a volcanic eruption in 79 AD, has been accused of mismanagement and neglect, and the EU has given the Italian government until the end of 2015 to fix its problems. Scroll down for video . Like new: The Villa dei Misteri(The Villa of Mysteries) in Pompeii has been restored and reopened . Work: Years of neglect has meant that Italy faced losing Pompeii's World Heritage status, along with funding, and the government was issued with a deadline by EU to spend £78 million by 2016 for restoration projects . Preserved paintings: The Villa dei Misteri features some of the best-preserved frescoes in the remains of Pompeii and is classed as a Unesco World Heritage Site . Revamp: One of the frescoes that has been restored to its former glory at the Villa of the Mysteries at the ancient archaeological site of Pompeii . Culture Minister Dario Franceschini, who cut the ribbon to open the villa on Friday, said that while problems still remain at Pompeii, Italy is on schedule to meet their EU deadline. Italy has been ordered to spend 105 million euros (£78million) in EU funds by the end of the year for maintenance and restoration projects, or lose its funding. While only three projects have been completed, 13 are underway and some 65 million euros has been awarded in contracts, officials said. In addition, 85 people have been hired to work on the site and visitor numbers last year were 200,000 more than in 2013. More than 80 people have worked on the Pompeii site to restore the artwork in a bid to boost visitor numbers . Italy had been ordered to restore the works of art by the EU in a programme, which cost the country 105million euros . The historic Roman city, which was destroyed by a volcanic eruption in 79 AD, has been accused of mismanagement and neglect . 'We know well that the world looks with great attention at everything that happens at Pompeii,' Franceschini said as he stood before a fresco of Dionysius and Aphrodite in the villa's main salon. 'Today, Italy is proud to say to the world that we have turned a page.' Pompeii, a busy commercial city overlooking the Mediterranean, was destroyed in A.D. 79 by an eruption of Mount Vesuvius that killed thousands of people and buried the city in 20 feet of volcanic ash. UNESCO threatened to take the ancient city of Pompeii off its World Heritage site list unless the artwork was restored . Two of the frescos, which are now available to view in the ancient city of Pompeii, after it opened up to the public once again . The mold of a victim of the volcanic eruption, which destroyed the ancient city of Pompeii in A.D. 79 . But the ash also helped preserve Pompeii's treasures, providing precious information about life in the ancient world. The first excavations began in the 18th century, but even today only two-thirds of the site's 60 hectares (150 acres) have been uncovered. In recent years, Pompeii has been bedeviled by neglect and mismanagement characteristic of Italy's underdeveloped south, as well as brushes with the corruption that has infected some other important public works in Italy, including its Expo 2015 World's Fair in Milan and the Moses water barrier project in Venice. Big project: Italian Culture Minister Dario Franceschini, right, flanked by Massimo Osanna, Superintendent for the Archaeological Heritage of Pompeii, unveils the newly restored Villa dei Misteri on Friday . The restoration of the Villa dei Misteri (pictured) is one of three completed restoration projects in Pompeii . A general view of the newly restored Villa of Mysteries on the occasion of its presentation to journalists in the ancient site of Pompeii, Italy, on Friday . Hit by heavy rains, some of Pompeii's walls have literally crumbled. The 2010 collapse of the Villa of Gladiators, and further collapses at Pompeii the following year, caused such international alarm that the EU stepped forward with funding and Italy created a mini-administration to govern the restoration project and make sure it wasn't infiltrated by the mafia. Among other things, the EU project called for the site to be shored up and for a drainage system to be built. Meeting targets: Culture Minister Franceschini said that while problems still remain at Pompeii, Italy is on schedule to meet their EU deadline. Italy unveiled the restored crown jewel of the ancient city of Pompeii, the Villa of Mysteries, on Friday, showing off a rare success story as it races to shore up the site that has been marred by mismanagement . A view of one of the frescoes of the newly restored Villa of Mysteries on the occasion of its presentation to journalists in the ancient site of Pompeii . Pompeii, a busy commercial city overlooking the Mediterranean, was destroyed in A.D. 79 by an eruption of Mount Vesuvius that killed thousands of people and buried the city in 20 feet of volcanic ash . But Italy's chronic bureaucratic delays prevented progress and the EU made clear it that Italy would lose the money if it didn't use it by Dec. 31. At the same time, UNESCO threatened to take Pompeii off its World Heritage list — a coveted designation that inspires many of the site's more than 2 million visitors each year. A UNESCO inspection in November, however, acknowledged that progress had been made. Franceschini quoted from the UNESCO report, which said any question about Pompeii's place on the list had been 'overcome' and that there had been a 'profound change in the behaviour' of its administration.
The Villa dei Misteri(Villa of Mysteries) in Pompeii reopened . One of the preserved properties on the historic site now restored . Pompeii was destroyed in 79 AD by an eruption of Mount Vesuvius . Italy need to spend £78m to restore the city or lose its EU funding .