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NextGenerationEU is a temporary European Union (EU) €750 billion financial instrument created to help repair the immediate economic and social damage in the wake of the COVID-19 pandemic.

It is at the heart of the EU response to the coronavirus crisis and aims to support economic recovery and build a greener, more digital and more resilient future.

NextGenerationEU is made up of:

  • the Recovery and Resilience Facility — €672.5 billion in grants and loans available to support reforms and investments undertaken by EU Member States;
  • Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU) — €47.5 billion to help tackle the economic consequences of COVID-19 in the first years of the recovery;
  • additional funding for several other EU programmes in addition to the funding planned in the EU long-term budget 2021-2027:
    • Horizon Europe (€5 bn),
    • InvestEU (€5.6 bn),
    • rural development (€7.5 bn),
    • the Just Transition Fund €10 bn),
    • RescEU (€1.9 bn).

To finance NextGenerationEU, the European Commission, on behalf of the EU, will borrow on the capital markets.

All amounts referred to above are in 2018 prices.