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European Parliament approves €672.5 billion recovery fund

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The European Parliament on February 10 greenlighted the EU’s proposed Recovery and Resilience Facility (RRF), worth €672.5 billion, during its plenary session in Brussels. 

The fund, adopted with 582 votes in favor, 40 against and 69 abstentions, is designed to help EU countries tackle the economic aftermath of the Coronavirus pandemic. The package is made up of €312.5 billion in grants and €360 billion in loans, which will be available for three years, with EU governments enabled to request up to 13% pre-financing for their recovery and resilience plans.

To get the money, the 27 members of the bloc will need to prepare national recovery and resilience plans that will focus on the green transition, digital transformation, economic cohesion and competitiveness, as well as on social and territorial cohesion, all while respecting the rule of law and the EU’s fundamental values. 

“Defeating the virus thanks to vaccines is essential. But we also need to help citizens, businesses and communities exit the economic crisis. The Recovery and Resilience Facility will bring €672.5 billion to do just that,” said the Commission’s chief, Ursula von der Leyen.

The RRF is the cornerstone of the Next Generation EU recovery package, whose overall worth is €750 billion. 

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