The RRF was conceived to mitigate the impacts of the pandemic and support Europe through the green and digital transitions. The Facility is a temporary recovery instrument. It allows the Commission to raise funds to help Member States implement reforms and investments that are in line with the EU’s priorities and that address the challenges identified in country-specific recommendations under the European Semester framework of economic and social policy coordination. It makes available €723.8 billion (in current prices) in loans (€385.8 billion) and grants (€338 billion) for that purpose
The RRF helps the EU achieve its target of climate neutrality by 2050 and aims to set Europe on a path of digital transition, creating jobs and spurring growth in the process.