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Coronavirus outbreak: impact on economic situation

Renginio data: 14/01/2021

Coronavirus outbreak: impact on economic situation

In December 2020, European Parliament’s negotiators agreed with Council on the instrument designed to help EU countries tackle the effects and consequences of the COVID-19 pandemic.


The text lays down the objectives, financing and rules for accessing the Recovery and Resilience Facility (RRF) funding. Negotiators agreed that national recovery and resilience plans would be eligible for financing if they focus on six policy areas of European relevance - the green transition including biodiversity, digital transformation, economic cohesion and competitiveness, social and territorial cohesion, institutional crisis-reaction and crisis preparedness, as well as policies for the next generation, children and youth, including education and skills. Finally, the RRF will only be made available to member states committed to respecting the rule of law and the European Union’s fundamental values.

The amount of €672.5 billion in grants and loans will be available to finance national measures designed to alleviate the economic and social consequences of the pandemic, from 1 February 2020 onwards. The funding will be available for three years and EU governments can request up to 13% pre-financing for their recovery and resilience plans. Payments of financial contributions to member states will be made by 31 December 2026.
 

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During the plenary session (24-25 March 2021), MEPs debate how to include tourism in national recovery plans, while EU criteria for safe travel should be part of a new EU strategy on tourism

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MEPs discuss how to support economic recovery, to tackle challenges like public debt, bankruptcy and redundancies, and to prepare Europe for the post-pandemic economy

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MEPs debate with the Council and Commission on the measures the EU is taking to deal with the social and employment effects of the COVID-19 crisis.

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