The 8th of June 2021 the EU Commission adopted a new funding strategy under the recovery instrument NextGenerationEU. The proposal entails an annual EU budget of €167.8 billion for 2022, to be complemented by an estimated €143.5 billion in grants. Priority will be focussed on the EU green and digital transition, as pointed out by the Commissioner Johannes Hahn, responsible for the EU Budget. As the EU economy has been seriously affected by the Covid-19 pandemic, the largest amount of grants (€118.4 billion) from NextGenerationEU will be dedicated to reducing the pandemic economic effects, under the centrepiece of this plan, the Recovery and Resilience Facility (RRF). Other than that, other sectors will be interested by the NextGenerationEU funding recovery plan, such as the Common Agricultural Policy (with €53.0 billion grants), the regional development and cohesion (with €36.5 billion grants).
A certain amount will be also granted to support partners and interests in the world (with €14.8 billion), research and innovation (with €13.1 billion), social cohesion (with €17.9 billion) and actions, policies to face EU borders and migration-related issues etc.
The contracts/commitments under NextGenerationEU can be concluded until the end of 2023, and the payments linked to the grants will follow until the end of 2026, after the approval of the Own Resources Decision by the EU Member States. All said above will lead to a virtuous economic circle and will help Europe to build resilience for the future.
More information available at the following page.
Source: INSME Secretariat
