Brussels came up with a very important proposal: It would ease travel restrictions to the European Union

Recovery Fund: The European Commission has paid 800 million euros to 16 countries

The first payments from the Recovery Fund will benefit 41 national and regional programs in France, Greece, the Czech Republic, Germany, Poland, Lithuania, the Netherlands, Slovakia, Estonia, Austria, Denmark, Finland, Bulgaria, Sweden, Portugal and Croatia, through the REACT-EU initiative, which aims to support regional assistance to the sectors and workers most affected by the outbreak. The Committee has already approved the recovery plan for these Member States.

REACT-EU funds targeted actions to facilitate the green and digital transition.

Payments will be made after the first borrowing in the framework of the Redemption Fund.

The €20 billion 10-year bond was the largest institutional bond issuance to date in Europe and the largest amount raised by the European Union in a single deal. The Commission plans to raise around €80 billion in long-term financing by the end of the year, supplemented by short-term EU bonds.

In order to arrive at a recovery fund of around 800 billion euros, each EU member state had to decide what it would spend, provided that At least 37 percent should be spent on combating climate change and at least 20 percent on facilitating digital transformation.

Cover Photo: Getty Images

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