The implementation of the Recovery and Resilience Mechanism (MRR), the core element of the EU’s recovery tool NextGenerationEU, is accelerating, boosting further progress on reforms and investment in Member States.

It is expected that by the end of 2024, more than 300 billion euros will be paid from the MRR funds, according to a press release from the European Commission.

As shown in the Commission’s third annual report on the MRR, the Community Executive supports Member States in the full and timely implementation of national plans by simplifying processes and has improved both transparency and mechanisms to protect the financial interests of EU.

With a budget of 650 billion euros in the form of grants and loans, the MRR is an essential driver of investments and ambitious reforms in all member states, supporting initiatives that promote the green and digital transition and strengthen the resilience and competitiveness of the EU, according to Agerpres.

Since its creation, MRR has generated over €82 billion worth of investments that directly support businesses. More than 900 reforms aimed at reducing red tape and speeding up operational processes, for example for obtaining permits and licences, are underway, helping EU industry to become more competitive. With the support of MRR, energy consumption savings of 34 million megawatt hours were achieved, over 11.8 million people participated in education and training programs, and 9.8 million people benefited from measures of protection against climate-related disasters.

The Commission, Member States and all relevant stakeholders, together with the European Parliament and the Council, have worked closely together to achieve these results.

Implementation and disbursements under the MRR accelerated after some delays in 2023, largely related to Russia’s illegal invasion of Ukraine, high inflation, supply constraints and the need to adopt REPowerEU chapters. To date, the Council has approved 26 such chapters, which provide additional funds to implement reforms and investments aimed at diversifying the EU’s energy supply, accelerating the green transition and supporting vulnerable households.

To date, the Commission has received 69 payment requests from 25 Member States and has paid over €267 billion, i.e. over 40% of the funding available under the MRR. By the end of the year, it is expected that funds worth more than 300 billion euros will be disbursed from the MRR. The report presents in detail numerous examples related to the tangible and positive impact of reform progress and investments made within the six policy pillars of the MRR on citizens and businesses.