The EU is making additional financial resources available to the member states to strengthen cohesion and boost the economic recovery from the COVID-19 pandemic.
The German Presidency of the Council and the European Parliament today reached a political agreement on REACT-EU, an emergency legislative initiative to release €47.5 billion through the structural funds to the hardest hit member states and regions. This additional funding will come from the European Recovery Instrument.
“The political agreement reached is an important step towards emerging stronger from the crisis together. REACT-EU will ensure that the European regions, especially those most impacted by the pandemic, will rapidly receive additional funding over the next two years for investment in a green, digital and stable economy.”
Peter Altmaier, German Federal Minister for Economic Affairs and Energy
The additional resources will be available over two years:
· €37.5 billion in 2021
· €10 billion in 2022
REACT-EU, which stands for Recovery Assistance for Cohesion and the Territories of Europe, is intended primarily to bolster health services, jobs and small and medium-sized enterprises while stimulating the twin green and digital transitions.