In light of the COVID-19 crisis, the European Commission unveiled a €750 billion recovery plan in order to help repair the economic and social damage brought by the pandemic.
Specifically, the Commission will raise €750 billion for Next Generation EU.
Of that total, €500 billion will be distributed in grants and €250 billion in loans passed on to Member States.
The recovery plan aims to strengthen the European Green Deal and Horizon Europe, while it will focus on key infrastructure from 5G to housing renovation.
At the same time, we must ensure that the transition to a climate-neutral economy leaves nobody behind. Next Generation EU will therefore multiply the funding for the Just Transition Fund.
….as Ursula von der Leyen, President of the EC, noted.
EU will undertake a Trade Policy Review so as to ensure the continuous flow of goods and services worldwide and to reform the World Trade Organization.
What is more, the European Commission also proposes to reinforce programs such as the European Maritime and Fisheries Fund, the Connecting Europe Facility fund and the European Defense Fund.
The plan’s top priority will be to press fast-forward towards a green, digital and resilient future.
