European Commission unveils €750bn Covid-19 recovery plan

28 May 2020 (Last Updated May 28th, 2020 11:02)

The European Commission (EC) has unveiled what it has dubbed a “major recovery plan” to help Europe recover from the Covid-19 pandemic, with a number of long-term commitments to improving the continent’s energy infrastructure. Headlining these commitments is the creation of Next Generation EU, a €750bn fund to aid in the post-Covid recovery.

In addition to its significant human cost, the pandemic has highlighted inefficiencies and obsolescences with traditional manners of working, and the fund aims to tackle both of these challenges. In the short-term, the fund will be used to help EU member states recover from the economic shutdown, with the bloc expecting its economy to shrink by 7% in the wake of the crisis. In the long-term, the money will be used to support clean energy and digitisation initiatives to improve the efficiency and environmental performance of an energy sector that many think will be irreversibly changed.

Read more about the EC's plan here.