EU Agreement on Massive Funding Plan to Support Recovery

After months of negotiations, the European Parliament and Council reach an agreement on the EU budget for the period 2021-2027, which, combined with a separate recovery plan called “Next Generation EU”, provides EU support of €1.8 trillion for recovery from the COVID-19 pandemic.
MEPs secure increased funding for key EU programs, including the research program “Horizon Europe”, the InvestEU investment plan, the Erasmus+ exchange program, and the new EU4Health program, which aims to improve coordination in healthcare and the availability of medical products and equipment across the EU.
MEPs and EU member states also agree on a binding timeline for introducing new EU revenue sources that will contribute to repaying the debt incurred by the EU to finance the Next Generation EU recovery plan.