The European Commission on Tuesday welcomed the agreement between the European Parliament and the Council of the EU on the 2021-2027 EU budget and recovery package.

The deal still requires final consent from both the Parliament and Council.

“Once adopted, the package of a total of €1.8 trillion will be the largest package ever financed through the EU budget,” said the Commission.

“It will help rebuild a post-COVID-19 Europe, which will be greener, more digital, more resilient and better fit for the current and forthcoming challenges.”

EC President Ursula von der Leyen said: “I welcome today’s agreement on our Recovery Plan and the next Multiannual Financial Framework.

“We now need to move forward with finalising the agreement on the next long-term budget and NextGenerationEU by the end of the year.

“Help is needed for citizens and business badly hit by the coronavirus crisis. Our recovery plan will help us turn the challenge of the pandemic into an opportunity for a recovery led by the green and digital transition”.

European Commissioner Johannes Hahn said: “Today’s agreement will allow to reinforce specific programmes under the long-term budget for 2021-2027 (including Horizon Europe, Erasmus+, EU4Health).

“All in all, the EU long-term budget together with NextGenerationEU will amount to more than €1.8 trillion.

“It will play an essential role to support the recovery and make sure traditional beneficiaries of EU funds receive the sufficient means to continue their work during these very challenging times for all.”