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€1.8 trillion package to help build greener, more digital and more resilient Europe

 12-11-2020

The European Parliament and the Council of the EU have reached an agreement for the Multiannual Financial Framework (MFF) 2021-2027 with a €1.8 trillion package to help build greener, more digital and more resilient Europe. The package includes a long-term budget of €1.074 trillion and €750 billion under the temporary recovery fund Next Generation EU. This is the largest package ever financed through EU budget.  

The goal is to ensure fair green and digital transitions without leaving anyone behind through the Just Transition Fund and the Digital Europe program, as well as fostering research and innovation under the Horizon Europe program - all while ensuring a resilient recovery through the Recovery and Resilience Facility and rescEU. The package also introduces a new health program EU4Health. Another focus is the fight against climate change for which 30% of funds are earmarked.  

For the first time, mechanisms that protect the EU budget against breaches of the rule of law are included, as well as increased flexibility mechanisms. The package also sets out a clear roadmap for new own resources, such as carbon border adjustment mechanisms, a digital levy, an emission trading system and new forms of taxing.  

European Commission President Ursula von der Leyen commented: “I welcome today’s agreement on our Recovery Plan and the next Multiannual Financial Framework. We now need to move forward with finalising the agreement on the next long-term budget and Next Generation EU 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”

The agreement must now be formally adopted by the European Parliament and the Council of the EU.  

For more information, please access here.  

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