Combine chicken broth and saffron in a medium saucepan. Bring to a simmer and keep it warm over low heat. Do not boil.
In a large skillet, heat 2 tablespoons of oil over medium heat. Add sausage to the skillet, sauté for 3 minutes or until begins to brown, stirring occasionally. Remove from skillet and set aside.
Add onion and red pepper; cook for 5 minutes, stirring occasionally. Add garlic; cook 1 minute.
Add rice; cook for 2 minutes, stirring constantly.
Stir in hot chicken broth, cooked sausage, lemon juice, paprika, and 2 tablespoons olive oil; mix to combine. Reduce heat to medium-low and bring to simmer; cook, for 10 minutes, or until the rice has absorbed most of the broth and almost tender.
Rinse and pat dry the shrimp with a paper towel. Season with salt and pepper to taste. Set aside.
Scatter peas over the rice. Reduce heat to low, cover with foil or a lid, and cook for 5 minutes.
After 5 minutes, arrange shrimp over the rice and press down so they’re halfway submerged, cover and continue cooking for 5 minutes, or until the rice is tender. Remove from heat and let stand, covered, for 10 minutes.
Garnish with chopped parsley …and serve with a crusty loaf!