Repair and prepare for the next generation is the message that European Commission President Ursula von der Leyen delivered this week with the proposal for a major recovery plan for Europe. The proposal is for €750 billion through Next Generation EU, on top of the revamped long-term EU budget of €1.1 trillion. The recovery needs to be sustainable, even, inclusive and fair for all. It is a chance to go green, get digital and importantly repair and support the parts of our economy that need it most.

We will now need to wait to see if European leaders will reach political agreement on this at European Council level in July.

Amongst other things there is an increase to the CAP budget bringing it to approximately €390 billion for the period 2021-2017, including €15 billion reinforcement for the European Agricultural Fund for Rural Development to support rural areas in making the structural changes, a welcome addition to funding necessary in rural areas. Additionally there are proposals such as for financial support for the green and digital transitions and a strengthening of the Just Transition Fund.

The Solvency Support Instrument will mobilise private resources to urgently support viable European companies in the areas most affected, it will have a budget of €31 billion, aiming to unlock €300 billion.The proposals also aims to address what we are learning from the crisis by strengthening health security and preparing for future health crises and reinforcing Horizon Europe by €94.4 billion which will fund vital research in health, resilience and the green and digital transitions.

More details from the European Commission here