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The Knowledge-Sharing Platform

27 May 2020

EC presents 1.85 trillion recovery budget for 2021-27

On 27 May 2020, the European Commission put forward its proposals for a recovery plan in response to the coronavirus crisis. To respond to the massive investment needs, the Commission proposes to create a new recovery instrument called ‘Next Generation EU’. This temporary instrument aims at providing targeted and frontloaded investment to support Member States and reinforce EU programmes that are key for Europe’s recovery and future resilience. It is embedded within a revamped long-term EU budget. Next Generation EU of €750 billion together with the MFF 2021-2027 will bring the EU budget to €1.85 trillion in total.

In the document, the Commision proposes to allocate a budget of € 94.4 billion for Horizon Europe. "Horizon Europe will be reinforced to fund vital research in health, resilience and the green and digital transitions", the paper says. Horizon Europe will contribute to strengthened preparedness to effectively and rapidly respond to emergencies and investment in science-driven solutions, complementing the operational funding provided under the new EU4Health programme and rescEU.

In the health domain, the reinforcement will be used to scale up the research effort for challenges such as the coronavirus pandemic, the extension of clinical trials, innovative protective measures, virology, vaccines, treatments and diagnostics, and the translation of research findings into public health policy measures.

It is also proposed to scale up resources for research and innovation in climate-related domains. This will strengthen support for the competitiveness of EU industry in related economic sectors and promote a recovery consistent with the goals of the European Green Deal. The reinforcement will provide additional means for emerging and breakthrough innovations by small and medium-sized enterprises, start-ups, and midcaps.

More details on the proposal can be found here:

EC Press Release

 

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