Updated: Aug 10, 2020
Greece expects to receive € 32 billion from the Next Generation EU pandemic recovery plan (of which, € 19 bln are grants and € 12.5 bln are loans). Greece expects to receive a further € 40 billion in co-funded grants in the 7-year EU budget, from 2021 to 2027.
Brussels, Belgium: 21 July 2020
The Next Generation EU Fund
The European Union’s Next Generation EU fund has allocated € 750 billion to the EU Member States to support the recovery from the COVID-19 Pandemic. NGEU is based on borrowing: the European Commission will borrow up to € 750 bln on the markets over the coming years. These funds in turn will be distributed to each Member State.
Of the € 750 billion:
€ 390 bln will be distributed as grants
€ 360 bln will be distributed as loans.
Each Member State has the option to accept the loans, or to fund recovery activities using alternative resources. The amounts available under NGEU will be allocated to seven individual programmes:
Recovery and Resilience Facility (RFF): € 672.5 billion
Just Transition Fund
The RRF is to be used for investments and reforms, including in the green and digital transition areas. It will be disbursed as loans and grants. For grants, 70% will be committed in the years 2021 and 2022 based on: unemployment 2015-2019; inverse GDP per capita; and population share.
The EU Multiannual Financial Framework 2021-2027
The EU Multiannual Financial Framework (MFF) is the EU’s 7-year budget between 2021 and 2027. The total budget agreed is € 1.07 trillion. The MFF will cover the following spending areas:
single market, innovation and digital
cohesion, resilience and values
natural resources and the environment
migration and border management
security and defence
neighbourhood and the world
European public administration