The European Parliament has approved the Recovery and Resilience Facility (RRF)

The Recovery and Resilience Facility (RRF) is the most important element of the Next Generation EU program, which has been already hailed as the new Marshall Plan for Europe, designed to bring undermined by coronavirus pandemic economies of the EU member states to rebuilt as fast as possible. Budget of RRF amounts to over 670 billion euro.

Funds from RRF are intended for investments support, public reforms, ecological and digital transformation, preparation for crisis situations as well as actions for children and youth.

Financial resources from this Facility, available in the form of grants and loans, may also be intended for similar projects, which realization started on 1 February 2020 or later. Funds from RRF will be available for the next three years.

The financial support could be received by national programs regarding reconstruction and increase in resilience in the field of the most important EU policies, like digital transformation, green transformation, competitiveness, and economic cohesion.

National programs have to include spending for climate at the level of 37% of budget at least and spending for actions related to development of digitization at the level of 20% of budget at least. What’s important, national programs have to take into account lasting social and economic consequences and cover complex reforms and stable investment packages as well. However, programs could not significantly impede the realization of environmental objectives.