On 21 July 2020, the European Council agreed on the European Union (EU) budget for 2021 – 2027. The seven-year EU budget (the Multiannual Financial Framework or MFF) of an overall amount of €1,074.3 billion. Alongside the new long-term budget for the EU, they also agreed on the €750 billion recovery package called “Next Generation EU”- aimed at helping the EU come out of the looming recession set in motion by the coronavirus pandemic. €390 billion from the package will be distributed in the form of grants to member states and €360 billion in loans. The EU’s seven-year budget will cover the following main spending areas:
- cohesion, resilience and values
- natural resources and the environment
- migration and border management
- security and defence
- neighbourhood and the world
- European public administration
More information HERE.