EU summit reaches agreement on corona repair fund after 90 hours of negotiation


European Council President Charles Michel will hold a press conference later this morning on the details of the deal. He already tweeted this morning: “Deal!”.

Prime Minister Rutte also gave a press conference. Rutte already told political reporter Fons Lambie that it had been ‘a difficult process’ and ‘had turned into a long weekend’.

After more than four days of meetings, Michel managed to get European leaders on the same page about the EU budget and the corona repair fund. That recovery fund contains 390 billion euros in subsidies and 360 billion in loans.

Higher discount

There has been a lot of puzzling in recent days to reach an agreement and several times there have been irritations between the heads of government. Prime Minister Rutte was seen as a ‘sleeper’ because he would be too economical. Earlier this week, French President Macron and German Chancellor Merkel even stepped ‘grumpy’ at a meeting with the Netherlands and other economical countries.

The multi-year budget now comes to 1074 billion. The Netherlands will receive a higher discount of 1.92 billion euros on the annual EU contribution and participation in the use of subsidies from the recovery fund.

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