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Next Generation EU will now be able to deploy its full effects given the agreement on the COVID-related short-term support and recovery measures and the EU budget deal reached in December. This programme will include:

An emergency Next Generation EU instrument of €750 billion to temporarily boost the financial firepower of the EU budget with funds raised on the financial markets. The funds raised will be channelled through EU programmes to underpin the immediate measures needed to protect livelihoods, get the economy back on its feet and foster sustainable and resilient growth.

A reinforced multiannual financial framework for 2021-2027 (MFF) to channel investment quickly to where it is needed most, reinforce the single market, step up cooperation in areas such as health and crisis management, and equip the Union with a long-term budget to drive the green and digital transitions and build a fairer and more resilient economy.

Next Generation EU will be a temporary emergency tool, created to jump-start Europe’s recovery. The total financial firepower of the EU budget equals €1.85 trillion.

The package is built on three pillars containing instruments to support Member State efforts to recover, repair and emerge stronger from the crisis:

Next Generation EU

A new Recovery and Resilience Facility: €560 billion to be used for investments and reforms for recovery and resilience.

REACT-EU initiative: €55 billion of additional cohesion policy funding until 2022.

Cohesion policy: balanced recovery €10 billion.

Solvency Support Instrument – to mobilise private resources to support the equity of European companies – €26 billion.

Strengthened InvestEU, mobilising investment for areas of sustainable infrastructure, innovation and digitisation. €15.3 billion.

EU4Health – €9.4 billion.

rescEU – €2 billion.

Horizon Europe – €94.4 billion.

Neighbourhood, Development and International Cooperation Instrument – €86 billion.

Humanitarian Aid – €5 billion.

Sector-wise the funding is broken down as follows:

Benefitting sector Budget in million €
Digital Europe Programme 8,200
Connecting Europe Facility 1,500
Single Market Programme (SMP) – taxation (T) and customs (C) 3,700 SMP / 239 T / 843 C
Erasmus Plus, including Creative Europe 1,500
Common Agricultural Policy 4,000
European Maritime and Fisheries Fund 500
Asylum and Migration Fund and Integrated Border Management Fund 22,000
Internal Security Fund 2,200
Western Balkans 12,900

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