As part of its NextGenerationEU (NGEU) post-COVID-19 recovery and economic greening plan, the European Union intends to borrow about €421 billion (in current prices) before the end of 2026 to fund “non-repayable support” to EU countries. This debt and the interest on it must be repaid before 2058 from the EU budget. Here, we estimate what these costs could amount to . The costs will depend mainly on the future trajectory of interest rates paid by the EU. Predicting interest rates for such a long time horizon is challenging but market expectations (based on interest rate swaps) provide a good baseline. […]