The European Commission has proposed a package of a total of 1.85 trillion euros for the next long-term budget of the EU and the economic recovery fund affected by the coronavirus pandemic, Reuters reported.

"The Commission is today proposing a new recovery instrument, called Next Generation EU, within a revamped long-term EU budget. In total, this European Recovery Plan will put 1.85 trillion euros to help kick-start our economy and ensure Europe bounces forward," the EU executive said in a statement.