Agreement reached on €1.8 trillion EU budget
The Council of the European Union and the European Parliament have reached agreement on the Union's largest ever long-term financial package.
Both bodies must still ratify the deal but, once adopted, it will see a total of €1.8 trillion made available between 2021 and 2027 to help rebuild a post-COVID-19 Europe, which aims to be greener, more digital and more resilient.
European Commission President Ursula von der Leyen welcomed the agreement, which includes provision for NextGenerationEU, the temporary recovery instrument.
“I welcome this agreement on our Recovery Plan and the next Multiannual Financial Framework," she said. "We now need to move forward with finalising the agreement on the next long-term budget and NextGenerationEU by the end of the year.
"Help is needed for citizens and business badly hit by the coronavirus crisis. Our recovery plan will help us turn the challenge of the pandemic into an opportunity for a recovery led by the green and digital transition”.
European Commissioner Johannes Hahn in charge of the budget, who worked to facilitate the deal, said: “This agreement will allow us to reinforce specific programmes under the long-term budget for 2021-2027, including Horizon Europe, Erasmus+ and EU4Health.
"All in all, the EU long-term budget together with NextGenerationEU will amount to more than €1.8 trillion. It will play an essential role in supporting the recovery and make sure traditional beneficiaries of EU funds receive sufficient means to continue their work during these very challenging times for all.”
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