Brussels, 17 December 2020

On the 17th of December, the Council of the European Union adopted the EU's multiannual financial framework for 2021-2027. This provides for a long-term budget of €1 074.3 billion for the EU27 in 2018 prices, including the integration of the European Development Fund.

Together with the Next Generation EU recovery instrument of €750 billion, it will allow the EU to provide an unprecedented €1.8 trillion of funding over the coming years to support recovery from the COVID-19 pandemic and the EU's long-term priorities across different policy areas. This includes making the EU greener, more digital, more resilient and better fit for the current and forthcoming challenges.

The EU will be spending €132.8 billion in single market, innovation and digital and €377.8 billion on cohesion, resilience and values. These amounts will increase to €143.4 billion and €1 099.7 billion, respectively, with additional funding from the Next Generation EU, including loans to Member States. The Connecting Europe Facility (CEF) will benefit from €18.4 billion. In order to support the digital transition, a new funding programme, Digital Europe, is established to promote the large-scale rollout and uptake of key digital technologies, including state-of-the-art cybersecurity tools. The digital strand of the Connecting Europe Facility will also get a significant boost in funding.

Source: Council of the EU