In 2016, the European Union set up the Fund for European Aid to the Most Deprived (FEAD) as its first structured food provision program to combat food insecurity. Computational analysis and a cross-sectional survey took place from January 2016 to June 2018 to calculate FEAD’s contribution to its beneficiaries’ diets and to collect beneficiary satisfaction data. Dairy, fresh meat, legumes, sugar, olive oil, and tomato concentrate were the most commonly procured items. The program’s contribution to vegetable, dairy, and grains intake was 3.4%, 6.1%, and 6.0%, respectively, as opposed to discretionary calories (12.2%) and fats/oils (24.5%). The program’s algorithm greatly favors (almost 3-fold) single-person applications, compared with applications with four or more people. Beneficiaries valued each food provision at 21.23 ± 23.4 euros, which, for 64.4% of them, translated to a high positive impact on the household budget. FEAD had a highly positive impact on feelings of anxiety and security, for 50.7% and 41.6% of its beneficiaries. Satisfaction with the foods provided was also high for ~70% of the beneficiaries. The program is met with high beneficiary satisfaction and is perceived as a substantial assistance. Increases in the amounts and variety of foods delivered, with a focus on fruit, vegetables, and fish, should be considered to further improve the program’s dietary impact.