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EU budget powered by NextGenerationEU paves the way for a greener, more digital, and more resilient Europe

In a nutshell

The banner 'NextGenerationEU' on the front of the Berlaymont building

In the aftermath of the coronavirus crisis, the EU provided an unprecedented response by putting forward NextGenerationEU (NGEU), an EUR 800 billion recovery programme, the largest in Europe since the Marshall Plan. To raise the necessary funds for NextGenerationEU, the Commission is borrowing on the capital markets on behalf of the EU.

With NGEU the EU budget has proven its ability to deliver massive financial support to Member States. In addition to the immediate response to the pandemic, the EU budget plays a central role in making the EU economies more resilient through massive investments, in particular on green and digital policies and for the first time with the combination of national reforms.

The role of the EU budget

The funds raised on the financial markets under NextGenerationEU are channelled through the EU budget.

Most of the funds (up to €723.8 billion) are spent through the Recovery and Resilience Facility (RRF).

The remaining funds mobilised (up to €83.1 billion) go to the reinforcement of other key European programmes such as ReactEU (€47.5 billion), InvestEU (€5.6 billion), Horizon 2020 (€5 billion), InvestEU (€5,6 billion), Rural Development (€7.5 billion), Just Transition Fund (€10 billion) or RescEU (€1.9 billion).

 

More details – results achieved

More than EUR 150 billion (1) in funds have already been disbursed to Member States through the Recovery and Resilience Facility. These funds allow Member States to implement ambitious reforms and investments, create jobs, improve social and territorial cohesion, and invest in a greener and more digital future. 

  • Green transition. By the end of 2022, thanks to the Facility, annual energy consumption had been reduced by 14 million megawatts per year and more than 400 000 refuelling and recharging stations for clean vehicles had been installed or upgraded.  
  • Digital transition. More than 9.2 million dwellings gained access to very high-capacity internet networks and 123 million users were already using new or improved public digital services. 
  • Healthcare. Healthcare capacity has been increased, including in hospitals, clinics, outpatient care centres and specialised care centres. By the end of 2022, up to 28 million persons could be served by a new or modernised healthcare facility, thanks to the Facility. 
  • Education and training. 2.6 million people had participated in education and training and 2.7 million young people aged 15–29 had received support, whether monetary or in kind (i.e. education, training and employment support), thanks to measures supported by the Facility by the end of 2022. 
  • Support for businesses. Almost 413 000 enterprises had received support – whether monetary or in kind – under the Facility by the end of 2022. 
  • Implementing crucial reforms and investments. As a performance-based instrument, payments under the Facility are dependent on Member States reaching the milestones and targets for the investments and reforms included in their respective recovery and resilience plans. To date 265 milestones and targets related to investments, and 414 milestones and targets related to reforms have been reached – roughly 11% of the total committed to by Member States.

(1) As of 07 June 2023.