The Council adopted a regulation establishing the Recovery and Resilience Facility, which lies at the heart of the EU’s recovery plan. It will make €672.5 billion in grants and loans available for public investment and reforms in the 27 member states to help them address the impact of the COVID-19 pandemic, to foster the green and digital transitions and to build resilient and inclusive societies.
Member states will receive support from the facility on the basis of their national recovery and resilience plans, which are currently under preparation.
Measures supported and main requirements
Under the new regulation, member states will need to set out in their national recovery and resilience plans a coherent package of reforms and investment projects, covering six policy areas of European relevance:
- the green transition
- digital transformation
- smart, sustainable and inclusive growth and jobs
- social and territorial cohesion
- health and resilience
- policies for the next generation, children and youth, including education and skills
Support will be linked to country-specific recommendations under the European Semester, which identify central challenges for each member state to address to strengthen competitiveness as well as social and economic cohesion. It will also contribute to the implementation of the European Pillar of Social Rights.
Further information: HERE