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Changes in financing under the EU budget for 2021–2027

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By Aurelia Pankiewicz, manager, Accreo

When setting the next long-term EU budget for 2021-27, the European Commission decided to supplement it with the 'Next Generation EU' recovery plan to stimulate the economy and support the countries most affected by the impact of the pandemic. The EU budget for 2021–2027, including funds from the recovery plan, will amount to €1.07 trillion, of which €750 billion will be transferred to the Recovery Fund. Poland will be the biggest beneficiary of the EU's cohesion policy, receiving €66.8 billion. The main source of income for Brussels, which will finance the EU budget and the recovery plan, are the contributions paid by member states based on the size of their economies. In addition, the budget will be funded from VAT and the EU's own revenue. To obtain money for the Recovery Fund, the European Commission will have to issue bonds on the financial markets over the next six years.

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