4.2.6 Recovery Plan for Europe after COVID-19
In order to help repair the economic and social damage caused by the coronavirus pandemic, the European Commission, the European Parliament and EU leaders have agreed on a recovery plan that will lead the way out of the crisis and lay the foundations for a modern and more sustainable Europe.
NextGeneration EU is a €750 billion temporary recovery instrument that reinforces the Multiannual Financial Framework 2021-2027 of the EU. Together, both instruments become the largest stimulus package ever financed through the EU budget. A total of €1.8 trillion will help rebuild a post-COVID-19 Europe. It will be a greener, more digital and more resilient Europe.
More than 50% of the budget will support modernisation through different means such as research and innovation (via Horizon Europe), fair climate and digital transitions (via the Just Transition Fund and the Digital Europe Programme), and preparedness, recovery and resilience, via the Recovery and Resilience Facility, rescEU and a new health programme, EU4Health.
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