NGEU abbreviation stands for New Generation EU Funding. The world pandemic of COVID-19 presented the European Union with challenges without analogue. The Union and the Member States had to tackle this issue in any way possible, including with the allocation of enough funding in order to overcome the socio-economic damage and to face the future challenges of the fight with the virus. The NGEU will be in effect together with the Multiannual Financial Framework. The different funding is allocated to various instruments under the NGEU, such as: Recovery and Resilience Facility (RRF): 672.5 billion euro; React EU: 47.5 billion euro; Horizon Europe: 5 billion euro; Invest EU:5.6 billion euro; Rural Development: 7.5 billion euro; Just Transition fund (JTF): 10 billion; RescEU: 1.9 billion euro, in total: 750 billion euro. REACT-EU (Recovery Assistance for Cohesion and the Territories of Europe): EU initiative that continues and extends the crisis response and crisis repair measures delivered through the CRII and CRII+ Initiatives. It contributes to a green, digital and resilient recovery of the economy. JTF (Just Transition Fund): EU financing instrument, part of the Just Transition Mechanism, aimed at supporting the EU regions with the biggest challenges towards the transition to a low carbon economy.
RRF (Recovery and Resilience Facility): Large-scale financial support to EU MS’s reforms and investments aimed at mitigating the economic and social impact of the coronavirus pandemic and of making the EU economies more sustainable, resilient and better prepared for the challenges posed by the green and digital transitions.
See also: Conclusions of the European Council on the NGEU
See also: Infographic on European council’s website on the NGEU |