The coronavirus crisis is a major shock for the European and global economies. Member States have already adopted budgetary, liquidity and policy measures to increase the capacity of their health systems and provide relief to those citizens and sectors that are particularly impacted.
Among the measures the EU is taking to support the economic recovery are the EU's recovery plan, Next Generation EU, SURE: temporary support for workers, amendments to the EU budget to address urgent issues, re-direction of EU funds to help member states most in need, support to most affected sectors.
On 21 July 2020, EU leaders agreed on a €750 billion recovery effort, Next Generation EU, to help the EU tackle the crisis caused by the pandemic. Alongside the recovery package, EU leaders agreed on a €1 074.3 billion long-term EU budget for 2021-2027. Among others, the budget will support investment in the digital and green transitions and resilience.
Together with the €540 billion of funds already in place for the three safety nets (for workers, for businesses and for member states), the overall EU's recovery package amounts to €2 364.3 billion (source: Council).