The EU budget for recovery increases funds for a stronger Europe in the world

As part of the revised long-term EU budget 2021-2027 package, the European Commission has proposed a budget of €118.2 billion for external action, with an additional €15.5 billion to support its partners in recovery efforts in the wake of COVID-19 pandemic, in line with the European Union’s role of a strong global actor.Another €1 billion is foreseen for the European Fund for Sustainable Development (EFSD) from the current EU budget for an immediate response to the crisis, rounding up the additional funds to €16.5 billion.Out of €118.2 billion (in 2018 prices, €132.6 billion in current prices), the main instrument, the Neighbourhood, Development and International Cooperation Instrument (NDICI), will receive €86 billion (in 2018 prices, €96.4 billion in current prices), including €10.5 billion from the new European Recovery Instrument (‘Next Generation EU’). Humanitarian aid budget will increase by €5 billion thanks to this new instrument to €14.8 billion (€16.5 billion in current prices).When it comes to the Pre-Accession Assistance, the Commission is maintaining the amount of €12.9 billion (€14.5 billion in current prices) for the next Multiannual Financial Framework. The press conference by High Representative/Vice-President Borrell, Commissioners Várhelyi and Urpilainen is available on EbS. For more details, see a Q&A, a factsheet on the IPA and a Q&A on the European Peace Facility. All the legal texts related to the new MFF proposal are available here