I find it very hard to believe that Morocco and Spain, neither of which could be described as affluent nations, could raise the finances for such a project and I see absolutely no reason why the European Union should finance it.
Anyway, what purpose will it serve, getting tourists across to Africa for a day trip, who does that benefit? Certainly not the EU. I'd have thought that a mini-cruise on the ferry was more fun than half an hour in a tunnel for the tourists. Freight traffic tends to be road based rather than rail so does it make a significant difference - a few hours on a ferry or a couple of hours, including loading/unloading, by tunnel? The break on the boat is usually welcomed by the truckers.
Both ferry and tunnel would still need customs checks which add significantly to the time factor. As stated elsewhere there is the issue of track gauge, so any rail freight would require transhipment or re-wheeling, it is not a matter of through freight trains as is with the Chunnel.