In a statement on its website,
the EU governing body proposed the creation of a new recovery
instrument, dubbed Next Generation EU, to address the economic damage
caused by the outbreak.
"Next Generation EU [consists] of €750 billion as well as targeted reinforcements to the long-term EU budget for 2021-2027 [and] will bring the total financial firepower of the EU budget to €1.85 trillion," the statement said.
The recovery fund would be embedded within the next long-term EU budget.
"The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalization will boost jobs and growth, the resilience of our societies and the health of our environment," European Commission President Ursula von der Leyen said in the statement.
"Next Generation EU [consists] of €750 billion as well as targeted reinforcements to the long-term EU budget for 2021-2027 [and] will bring the total financial firepower of the EU budget to €1.85 trillion," the statement said.
The recovery fund would be embedded within the next long-term EU budget.
"The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalization will boost jobs and growth, the resilience of our societies and the health of our environment," European Commission President Ursula von der Leyen said in the statement.
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