It is a historic day indeed when 27 EU leaders agree on a comprehensive package worth 1,8 trillion euros. President of the European Council Charles Michel welcomed the deal saying that EU Members State renewed their marriage vows for other 30 years. Other than the next seven-year budget plan (the multiannual financial framework – MFF), an additional 750 billion euros post-pandemic recovery fund (Next Generation EU) has been approved, 390 billion euros of which will be delivered to EU countries in the form of grants while the remaining 360 euros billion in loans.
“The goals of our recovery can be summarised in three words: first convergence, second resilience and transformation,” commented Mr Michel. “Concretely, this means: repairing the damage caused by COVID-19, reforming our economies, remodelling our societies.”
At the end of March, the European Commission had already proposed a recovery plan for Europe to tackle the crisis.
“This fund shall be of a sufficient magnitude, targeted towards the sectors and geographical parts of Europe most affected and be dedicated to dealing with this unprecedented crisis,” highlighted the European Council President.
This article was originally published on CEENERGYNEWS, the official media partner of Budapest Climate Summit.