The European Commission welcomes the Council decision to adopt the next long-term EU budget for the period 2021-2027, which is the final step in the adoption process.
With this decision, all the conditions have now been fulfilled for the next multiannual financial framework for 2021-2027 to be in place as of 1 January 2021. As a result, €1.074 trillion [in 2018 prices] will become available for beneficiaries of EU funding during the next seven years.
At the same time, work towards finalising NextGenerationEU, the temporary recovery instrument created to fuel Europe's recovery from the coronavirus crisis, continues. Once adopted, the package of a total of €1.8 trillion [in 2018 prices] will be the largest package ever financed through the EU budget.