In January 2020 the COVID-19 pandemic reached Europe, leading to a health crisis with major socio-economic implications. The EU's response was immediate, putting in place – among other things – an emergency recovery instrument, NextGenerationEU designed to raise €806.9 billion on top of the EU's regular budget into financial markets.
Recovery and Resilience Fund
At the heart of NextGenerationEU is the Recovery and Resilience Fund (or Facility) (RRF), the EU's largest financial program to date, which is expected to disburse up to €723.8 billion in grants and loans to Member States. The RRF Regulation entered into force in February 2021, stipulating that each Member State will submit a National Recovery and Resilience Plan (NRP) that will specify the reforms and investments that the Member State is committed to implementing.
National Recovery and Resilience Plan
The National Recovery and Resilience Plan Greece 2.0 was approved on July 13, 2021 by the Economic and Fiscal Affairs Council of the European Union (Ecofin). "Greece 2.0" includes 106 investments and 68 reforms, divided into 4 pillars: Green Transition, Digital Transition, Employment-Skills-Social Cohesion, Private Investments and transformation of the economy.
It collects 31.16 billion euros, of which 30.5 billion euros are European resources that will be channeled through grants and loans, while it is expected to mobilize 60 billion euros in total investments in the country, by the end of 2026, where they should have all projects are implemented.