The coronavirus has shaken Europe and the world to its core, testing healthcare and welfare systems, our societies and economies and our way of living and working together. The CCS are among the sectors most affected by the ongoing pandemic. While countless creative initiatives bring us solace in these challenging times, a large section of the CSS are still gravely afflicted.
Public authorities at European level are considering ways to remedy the situation. The European Commission is playing its part by implementing a variety of measures, most notably the ambitious 'Next Generation EU'. Next Generation EU of €750 billion as well as targeted reinforcements to the long-term EU budget for 2021-2027 will bring the total financial firepower of the EU budget to €1.85 trillion.
European Commission President Ursula von der Leyen said: “The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalization will boost jobs and growth, the resilience of our societies and the health of our environment. This is Europe's moment. Our willingness to act must live up to the challenges we are all facing. With Next Generation EU we are providing an ambitious answer.”
Investment as a policy response
Next Generation EU aims to respond effectively to the COVID-19 crisis by helping the sectors most in need. The Recovery Plan mobilizes several support instruments for the period 2021-2024. The European Commission affirmed in their communication “Europe’s moment: Repair and Prepare for the Next Generation” that the CCS are among the 14 sectors most affected by the ongoing pandemic. This recognition makes the CCS eligible for support through NextGenerationEU. Stakeholders in the CSS should watch out for four support instruments in particular: the Recovery and Resilience Facility; REACT-EU; InvestEU; and the Solvency Support Instrument.
Read all about the proposal for a major recovery plan and support instruments here: