“As proposed, Lithuania may receive 6.3 billion euros from the new fund, including 3.9 billion euros in grants and 2.4 billion euros in loans. These will be additional funds, alongside the multiannual financial framework,” Virginijus Sinkevicius, Lithuania’s European commissioner responsible for environment, oceans and fisheries, told BNS on Wednesday.

If member states approved the proposal, Lithuania could receive more than 17.7 billion euros in EU support, including potential loans, from the new fund and the EU budget, or 15.3 billion euros without loans between 2021 and 2027, he added.

The top beneficiaries of the recovery fund would be Italy and Spain – the two EU countries hardest hit by the coronavirus pandemic.

In line with the proposal, the new fund, which would include 500 billion euros in grants and 250 billion euros in loans, would raise money by lifting its own resources ceiling, to allow the European Commission to borrow money from the financial markets.

The new recovery fund would be repaid through future EU budgets, not before 2028 and not after 2058, the Commission said.

To come into effect, the recovery fund will need to get the green light by all EU27 member-states.

In order to generate money to repay the fund, the European Commission suggested implementing a common tax on non-recycled plastics, a carbon tax based on the Emissions Trading Scheme, a common consolidated corporate tax base and a digital tax.

However, member states have thus far appeared wary of introducing common taxes, which means that, if no consensus were found, the countries would have to increase their contribution to the EU budget or to agree to the reduced funding for joint programs in the future.