Creation of Next Generation EU

Following the unprecedented lockdowns and economic turbulence caused by the Covid-19 pandemic, European leaders agreed to a €750 billion recovery plan called Next Generation EU (NGEU) in July 2020. The fund's main objective is to support member states that the pandemic hit particularly strongly, such as Italy, and to support the EU as a whole in its recovery from the public health and economic crises. The fund also focuses on climate action and the European Green New Deal, alongside digital transformation and other forward-looking priorities.