The European Commission has approved Hungary's modified recovery and resilience plan (RRP) worth €10.4bn (€6.5bn in grants and €3.9bn in loans) that includes a REPowerEU chapter with a €4.6 billion budget. The new plan covers 67 reforms and 47 investments, of which the REPowerEU chapter encompasses 13 new reforms and 16 investments containing two scaled-up investments that draw on existing measures to deliver on the REPowerEU Plan's objectives to make Europe independent of Russian fossil fuels before 2030. In addition to it, Hungary has proposed changes to 19 measures contained in its original plan to factor in the high inflation experienced in 2023 and supply chain disruptions caused by Russia's war of aggression against Ukraine. Hungary will be able to use the Recovery and Resilience Facility (RRF) funds only after fulfilling the 27 “super milestones” included in the RRP to ensure the protection of the Union's financial interests, and to strengthen Hungary’s judicial independence.
The recovery and resilience facility (RRF) is the EU’s programme of financial support in response to the challenges that Covid-19 posed to the European economy. It is the core of NextGenerationEU, a temporary recovery instrument that allows the Commission to raise funds to help repair the economic and social damage caused by the COVID-19 pandemic. To benefit from the facility’s €724bn, Member States submit recovery and resilience plans to the European Commission, setting out the reforms and investments they intend to implement by the end of 2026.
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