NextGenerationEU
Recovery plan for Europe
NextGenerationEU is a more than €800 billion temporary recovery instrument to help repair the immediate economic and social damage brought about by the coronavirus pandemic. Post-COVID-19 Europe will be greener, more digital, more resilient and better fit for the current and forthcoming challenges.
The centrepiece of NextGenerationEU is the Recovery and Resilience Facility (RRF) – an instrument for providing grants and loans to support reforms and investments in the EU Member States at a total value of €723.8 billion. To receive funds under the Recovery and Resilience Facility, Member States need to prepare Recovery and Resilience Plans outlining how they are going to invest the funds. Moreover, they need to fulfil the relevant milestones and targets, and before any disbursements under the RRF can flow, the Commission assesses the satisfactory fulfilment of each milestone and target.
The rest of the funds from NextGenerationEU are being disbursed to EU Member States by several EU programmes: the Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU), Horizon Europe, InvestEU, European Agricultural Fund for Rural Development or the Just Transition Fund (JTF).