In its Communication "NextGenerationEU - The road to 2026", the European Commission takes stock of the implementation of the Recovery and Resilience Facility (RRF) and provides guidance to the EU Member States to ensure the Facility's successful closure in 2026.

The RRF is the centrepiece of the NextGenerationEU and the main tool to overcome the impacts of the COVID-19 pandemic. It changed the model of EU funding: the Commission raises funds by borrowing on the capital markets (issuing bonds on behalf of the EU). These are then made available to the EU Member States for the implementation of ambitious reforms and investments, based on milestones and targets fixed in national Recovery ahd Resilience Plans (RRPs).

The Commission points out that, thanks to the RRF, the EU was able to recover quickly from the COVID-19 pandemic, one of the worst crises in history. At the same time, investments have been done in a more sustainable and prosperous future for European citizens and businesses. Despite a war on the continent and unexpected energy and trade shocks, Member States have implemented ambitious structural reforms, covering justice and pension systems as well as labour markets, public procurement and many other sectors.

However, "only" over €315 billion has been disbursed to Member States so far following the achievement of over 2,000 milestones and targets in the delivery of reforms and investments. More than €335 billion is still available. The Commission reminds the Member States that the RRF runs out in 2026. Member States are encouraged to revise their national recovery and resilience plans in order to ensure that all milestones and targets can be implemented by 31 August 2026. Member States must achieve all milestones and targets by this date, and the Commission must make the final payments by 31 December 2026. The Commission has ruled out any extension of the deadlines (for the time being).