EU recovery fund – level 3

08-04-2024 15:00

The EU created the Recovery and Resilience Facility (RRF) to help member states recover from the COVID-19 pandemic’s economic and social effects.

The RRF is part of the NextGenerationEU plan, and with 723 billion euros allocated, it offers grants or loans to EU members. Grants finance green and digital projects and strengthen economies, while loans support recovery efforts. However, the RRF is temporary and it’ll end in 2026. It complements other EU recovery measures.

COVID-19 hit industries differently, particularly those reliant on personal contact, like tourism and retail. SMEs faced challenges like late payments and supply chain disruptions. Job losses affected vulnerable groups and highlighted broader labor market impacts.

Difficult words: resilience (the capability to recover), complement (to emphasize or improve the qualities of something), measure (a plan or course of action taken to achieve a particular purpose).

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How does the Recovery and Resilience Facility (RRF) complement other EU recovery measures and help member states recover from the economic and social impacts of COVID-19?


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