On February 21, 2023. The European Commission presented a communiqué summarizing the activities implemented so far under the Reconstruction and Resilience Facility (RRF) and outlining the next steps to support further implementation of national reconstruction and resilience plans. The instrument forms the basis of Europe’s reconstruction plan. NextGenerationEU has earmarked €800 billion to mitigate the economic and social impact of the coronavirus pandemic and to help make Europe’s economy and society more sustainable, resilient and better prepared for the challenges and opportunities of green and digital transformation.

The RRF instrument contributes to the transformation of member countries’ economies, linking national reform and investment plans with common priorities and financing. In the reconstruction and resilience plans prepared by member states, approx. 203 billion has been allocated to reduce greenhouse gas emissions by at least 55% by 2030. About. 131 billion euros have been directed to funding activities for the digital transformation of Europe’s economies and societies. Another 138 billion euros will be spent on social issues and social policy for the next generation. The Commission estimates that in the medium term, NextGenerationEU-funded investments could raise EU GDP by about 1.5% in 2024. and further stimulate job creation.

The RRF instrument was created in response to the COVID-19 crisis, to support the economic and social recovery of member states, while contributing to environmental and digital transformation across the EU. In view of the current situation, the RRF remains one of the main elements of the EC’s efforts to advance the priorities of EU energy security, competitiveness and industrial transformation towards a net-zero-emission economy.

According to the EC’s website, the RRF has so far disbursed more than 144 billion euros, of which 96 billion in grants and 48 billion in loans. The Commission assumes that member states in spring 2023. will supplement their reconstruction and resilience plans with REPowerEU chapters aimed at providing a concerted response to the global energy crisis, enabling new reforms and investments to be financed from the RRF pool, which has been expanded to 270 billion euros.

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