NextGenerationEU: breakdown of funds allocated among programs 2020-2027
The NextGenerationEU economic recovery package was agreed upon by the member states of the European Union in the aftermath of the COVID-19 pandemic, to provide a stimulus to the European economy. Europe was hit particularly hard by the pandemic in early 2020, with countries such as Italy, France, and Spain experiencing severe economic contractions, alongside their public health emergencies. In order to provide a boost to their beleaguered economies, the NextGenEU package will provide funds to invest in strategic areas of the European economy over the period from 2021 to 2027.
By far the largest share of the package is taken by the Recovery & Resilience Facility, which provides loans and grants to member in order to invest in projects promoting growth in green industries, to spur digitalization of member states' economies, and to invest in social, economic, and institutional development. Other programs included in the NextGenEU package range from the Just Transition Fund, which looks to support regions most affected by the transition to a green economy, to RescEU, which invests in supplies to respond to humanitarian crises.
By far the largest share of the package is taken by the Recovery & Resilience Facility, which provides loans and grants to member in order to invest in projects promoting growth in green industries, to spur digitalization of member states' economies, and to invest in social, economic, and institutional development. Other programs included in the NextGenEU package range from the Just Transition Fund, which looks to support regions most affected by the transition to a green economy, to RescEU, which invests in supplies to respond to humanitarian crises.
