NextGenerationEU: Important information about the new European funds

 

Following on from the WLN webinar on 17th June with expert Alexander Heichlinger, this article will outline some of the key information you need to know about Next GenerationEU and the funds available for EU businesses and subsidiaries. The official document has been attached as a document and can be found to the right of the article.

 

Important information

• In 2020, the EU provided an unprecedented response to the coronavirus crisis that hit Europe and the world. At its heart is a stimulus package worth EUR 2.018 trillion in current prices (EUR 1.8 trillion in 2018 prices). It consists of the EU’s long-term budget for 2021 to 2027 of EUR 1.211 trillion (EUR 1.074 trillion in 2018 prices), topped up by EUR 806.9 billion (EUR 750 billion in 2018 prices) through NextGenerationEU, a temporary instrument to power the recovery.
• The EU sets the limits of its spending in the multiannual financial framework , the EU’s long-term budget for the next 7 years. In this way, the EU secures the resources for its political priorities, like digitalisation and green deal.
• The budget also ensures room for flexibility, thus enabling the EU to respond to unforeseen circumstances. The 2021–2027 long-term budget, or the multiannual financial framework (MFF) of EUR 1.211 trillion, will seek to support the recovery while investing in the EU’s regions, farmers, companies, researchers, students, citizens in general as well as our neighbouring countries.

 

Main elements of the agreement:

More than 50% of the amount will support modernisation, for example through:

• research and innovation, via Horizon Europe
• fair climate and digital transitions, via the Just Transition Fund and the Digital Europe Programme
• preparedness, recovery and resilience, via the Recovery and Resilience Facility, rescEU and a new health programme, EU4Health

 

In addition, the package pays attention to:

• modernising traditional policies such as cohesion and the common agricultural policy, to maximise their contribution to the Union's priorities
• fighting climate change, with 30% of the EU funds, the highest share ever of the European budget
• biodiversity protection and gender equality

 

"It is now time to get to work, to make Europe greener, more digital and more resilient."

 

Please refer to the official document attached for further information about the budget and how various businesses can access funds. 

 

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