Impact COVID-19 on multi-annual budget

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The 2020 budget prior to COVID-19 implied a deficit of 0.5 billion euro (on a total of 45.7 billion ESA revenues). Contrary to the revenues, most expenditures are not related to the economic business cycle. The recurrent negative impact of COVID-19 on revenues thus enhanced the challenge of a balanced budget.

In the text you’ll find an update of the multi-annual forecast made in April 2021.