The European Parliament has voted, to increase the EU budget 2020 by €6.2 billion, to allocate €1.1 billion to develop and deploy a COVID-19 vaccine and to reinforce Cohesion funds by €5.1 billion.
The funds approved by the Parliament will allow the EU to improve its chances of having an effective and safe vaccine available as soon as possible, and to step up COVID-19-related cohesion funding.
Cohesion funds will be topped up with €5.1 billion to ensure that requests for reimbursements from member states for actions taken under the Coronavirus Response Investment Initiative Plus (CRII+) can be covered. The CRII+ was created to relax the cohesion spending rules to increase flexibility, whereas the CRII redirected unspent money from the EU budget to tackling the COVID-19 crisis.
The vaccine-related €1.1 billion will increase payments for the Emergency Support Instrument (ESI), a significant part of which is used to secure the production of vaccines in the EU and sufficient supplies for its member states. This is part of the European Commission’s COVID-19 vaccine strategy.
Source: European Parliament Press Room (https://bit.ly/35TXsgv)