Recovery and Resilience Facility (RRF) – the most important component of NGEU, allowed for up to €723.9 billion (€338.0 in grants €385.8 in loans) to be requested by Member States, complemented by a further €83 billion to finance established EU policies, adding up to a maximum envelope of €806 billion for NGEU. Member States had until 31st August 2023 to request this support along with any changes to their national recovery and resilience plans to include new energy supply diversification chapters (under the RePowerEU policy).

By the 31st August deadline, total requests for loans submitted to the Commission for approval amount to around 292.6 billion, or 76% of the total amount RRF loans’ envelope.  

This means that, subject to the Commission’s assessment of the Member States additional requests, and taking into account also the size of expected grant financing and non-RRF financing under NGEU, the total size of the NGEU programme that will be financed by the markets will be up to almost 90% of the total NGEU envelope. Considering the already executed and announced funding volumes in 2021, 2022 and 2023, an additional amount of up to €440 billion remains to be raised between 2024 and end of 2026 for the NGEU programme, or an average net financing of around €150 billion per year.

The precise distribution of issuance over this period will depend on the pace of implementation of the national recovery plans. Annual funding volumes will be increased by other EU programmes to be financed under the Commission’s unified funding approach. This could include for example support for Ukraine under the proposed Ukraine Facility for the period 2024-2027, where the Commission has proposed an indicative amount of €33 billion in the form of loans under the Facility (alongside €17 billion in grant or guarantee support), starting in 2024. This proposal is currently being discussed and negotiated by the EU Member States in the Council and the European Parliament. 

You can read more about RRF implementation across Member States in the Commission’s revamped country pages and in the Commission’s second annual report on the implementation of the Recovery and Resilience Facility.