Next Generation EU is an instrument for Europe to recover from the crisis caused by the coronavirus. The set goals are to reshape current circumstances in Europe into more environmental, digital, and with resilience. Achieving the aforementioned goals, means transforming the European economic landscape and job market.
The Context of this Repairing Instrument
This recovery instrument, along with EU’s long-term budget is the total amount of €1.8 trillion, in order to recreate the foundation of post-COVID-19 Europe. Namely, having the means to use flexible mechanisms that meet current economic and social needs. In addition, this initiative foresees having the means of being prepared for future uncertainties. In particular, this is a billion temporary recovery plan for the years 2021-2023.
The components of this agreement function in a supportive and modernizing manner. Therefore, more than half of the total budget is provided to meet these demands. Key elements of this agreement are the following:
- Encourage research and ventures of innovation, through the funding programme of Horizon Europe.
- Recover Europe and recreate its foundation into becoming more prepared and resilient, through the Recovery and Resilience Facility, rescEU; and, a new programme that promotes health, EU4Health.
- Transforming policies, regarding cohesion and agriculture, into meeting the current Union’s priorities
- A large share of the EU budget, the 30% of it, is provided to transform the environmental landscape by tackling climate change. This budget proportion is the highest, in terms of European funds.
- Fostering initiatives that promote biodiversity protection and gender equality.
To Whom the Next Generation EU Addresses to
Anyone can benefit from this recovery plan, by scouting for potential open and upcoming funding opportunities that will facilitate the materialization of the beneficiaries’ proposal.
iED as an observant of the EU framework, and the negative impact of COVID-19; hence, our Institute acknowledges the importance of pertinent support mechanisms, such as the Next Generation EU. If you would like more information regarding the Next Generation EU, you can contact our team of professionals.