To help repair the economic and social damage brought by the coronavirus pandemic, kick-start European recovery, and protect and create jobs, the European Commission is proposing a major recovery plan for Europe based on harnessing the full potential of the EU budget.

To mobilise the necessary investments, the Commission is putting forward a two-fold response:

1. Next Generation EU: a new recovery instrument of €750 billion which will boost the EU budget with new financing raised on the financial markets for 2021-2024
2. A reinforced long-term budget of the EU for 2021-2027

Next Generation EU will raise money by temporarily lifting the own resources ceiling to 2.00% of EU Gross National Income, allowing the Commission to use its strong credit rating to borrow €750 billion on the financial markets. This additional funding will be channelled through EU programmes and repaid over a long period of time throughout future EU budgets – not before 2028 and not after 2058. 

The money raised for Next Generation EU will be invested across three pillars (shown in this scheme):

The Commission has also unveiled its adjusted Work Programme for 2020, which will prioritise the actions needed to propel Europe's recovery and resilience.

Read about the details on these pillars, the European Green Deal as the EU's recovery strategy, strengthening the Single Market and fair and inclusive recovery for all: https://ec.europa.eu/info/live-work-travel-eu/health/coronavirus-response/recovery-plan-europe_en