The publication outlines an unprecedented €2 trillion stimulus package that will support citizens, companies and regions most affected by the pandemic.
In 2020, the European economy was hit by numerous, profound and extraordinary shocks - resultant of the COVID-19 pandemic. However, the effects of this pandemic were not restricted to the economy. The world now faces critical challenges that require dedicated action in the fields of education and training, skills, creativity, business, innovation and health.
Europe’s response to this crisis has been unprecedented. Last year, the European Commission moved fast to handle the recovery via its biggest proposed budget to date - which was quickly adopted by all Member States. With a €2 trillion stimulus package at the heart of its recovery progamme, these funds will support citizens, companies and regions most affected by the coronavirus crisis.
This package consists of a long-term budget for 2021 - 2027 of €1.2 trillion, which will be support by €806.9 billion of extra funding through NextGenerationEU, a temporary instrument to power Europe’s long-term recovery across these vital areas. Taken together, the funds will help repair the economic and social damage caused by the coronavirus pandemic and steer the transition towards a modern, sustainable and resilient Europe.
Information on how funds will be implemented is now available via a new leaflet. This document outlines facts and figures that can give users a better idea as to how the EU plans to steer recovery across the coming Programming Period of 2021-2027.