Unexpected turn of events: EC sends Hungary EUR 1 billion

The European Commission has approved EUR 1 billion in EU funding for Hungary.

The European Commission has approved the government’s amendment to the Recovery and Resilience Instrument, submitted in August, giving Hungary access to around EUR 1 billion in EU funding for the development of the RePowerEU chapter, Portfolio reports.

The first instalments of this amount are expected to arrive in early 2024. This is before Hungary meets the milestones set out in the rule of law procedure. The disbursement can only start after approval by EU finance ministers, with details to follow.

Questions remain

The European Commission confirmed the approval in an official statement on its website, stressing that the 27 super-milestones to protect the EU’s financial interests and strengthen the independence of the judiciary remain unchanged in the revised Hungarian plan.

Hungary’s EUR 4.6 billion REPowerEU chapter includes 13 new reforms and 16 investments.

Tibor Navracsics, Minister for Spatial Development and EU Funds, reporting on the staff meeting of the State Secretariat for European Union Developments, said that “we have 50,000 successful projects behind us, and there are even more to look forward to in the coming years”.

No sight of EU money and Hungary’s veto right could be abolished