After Orbán's Blackmail, EU Approves €4.6 Billion Funding for Hungary and Will Provide an Initial Tranche of €900 Million
Today, the European Commission positively assessed Hungary's revised recovery and resilience plan, which includes the REPowerEU section. The plan's total cost is €10.4 billion (€6.5 billion in grants and €3.9 billion in loans) covering 67 reforms and 47 investments.
The REPowerEU section in Hungary, valued at €4.6 billion, incorporates 13 new reforms and 16 investments, including two expanded investments relying on existing measures. The implementation of these measures will help achieve the REPowerEU plan's goal of freeing Europe from Russian fossil fuels well before 2030. These measures aim to strengthen and modernize the electricity sector, accelerate the deployment and use of renewable energy, and enhance energy efficiency.
Additionally, Hungary proposed changes to 19 measures in its initial recovery and resilience plan, adding new investments in circular economy, sustainable transport, and energy.
The European Council will now have four weeks to approve the Commission's assessment. Approval by the Council will enable Hungary to receive €0.9 billion in pre-financing for the REPowerEU funds.
The Commission will authorize regular payments based on the satisfactory completion of reforms to ensure the protection of the Union's financial interests.
Earlier, Viktor Orbán threatened to undermine the EU's policy on Ukraine. In a letter to Charles Michel, Hungary's leader demanded a complete review of the EU's policy on Ukraine. Otherwise, Orbán threatens to block all EU aid to Ukraine and the country's future accession to the bloc unless EU leaders agree to reconsider their entire strategy for supporting Kyiv, as reported by POLITICO.
Recall that Hungary has previously blocked the allocation of military and humanitarian aid to Ukraine from the EU and even disclosed details of a future national referendum in the country, generously funded by the state. Manipulating public opinion, the document claims that EU funds intended for Hungary will be redirected to support Ukraine, and in the event of Ukraine's accession to the EU, more union resources will be allocated due to the war in Ukraine. Following this, a question is posed to the citizens of Hungary: are they willing to support Ukraine's accession to the EU?