The European Commission has proposed a €750bn recovery instrument named ‘Next Generation EU’ to mitigate the impact of the COVID-19 pandemic.
The money raised for Next Generation EU will be invested across three pillars: 1) supporting Member States with investments and reforms, 2) kick-starting the EU economy by incentivising private investments and 3) addressing the lessons of the crisis.
The instrument will also focus on adapting the Single Market to the digital age by investing in connectivity, especially 5G networks, encouraging a stronger industrial and technological presence in strategic sectors, including artificial intelligence, cybersecurity, supercomputing and cloud, and increasing cyber resilience. At the same time, the Skills Agenda for Europe and the Digital Education Action Plan will ensure digital skills for all EU citizens.
