Commission proposes amending approval of Hungary's new RRP

The European Commission has proposed a Council Implementing Decision amending the approval of Hungary’s new national Recovery and Resilience Plan (new RRP).

• Main action: The Commission proposes to amend the Council Implementing Decision of 15 December 2022 and to approve Hungary’s new RRP, allocating a financial contribution of EUR 6 511 661 435 in non-repayable support and making available loan support reduced to EUR 3 488 338 565 (from an initially indicated EUR 3 918 313 481). The proposal replaces the Annex to the 2022 Decision and sets milestones and targets for implementation.
• Context and key details: The amendment follows Hungary’s reasoned request that the RRP was no longer achievable because of objective circumstances (including energy price volatility and geopolitical shifts). The new RRP has an estimated total cost of EUR 10 000 000 000 (HUF 3 553 302 225 000) and includes a REPowerEU chapter (EUR 704,510,828), and voluntary contributions of EUR 500 000 000 each to the AI Gigafactory and to IRIS²; the document sets out control, audit and DNSH safeguards and numerous numbered milestones required before payments.