EU cohesion policy—a network of variable mixes of European and national sectoral policies serving the objective of economic, social and territorial cohesion—was the main source of growth-supporting EU investment during the economic and financial crisis of the previous decade. In 2020, in its attempt to mitigate the economic and social impact of the COVID-19 crisis, the EU established a new, temporary recovery instrument called NextGenerationEU. The centrepiece of the latter is the Recovery and Resilience Facility (RRF), which has been activated for a 6-year period through the implementation of National Recovery and Resilience Plans (NRRPs). RRF also aims at promoting the goal of cohesion but is also focused on strengthening economic and social resilience, mitigating the social and economic impact of the crisis and supporting the green and digital transitions. For 2021–2026, RRF and the cohesion policy are operating in parallel, funding similar—though not identical—investment activities based on different terms and conditions, processes and mechanisms. The goal of this chapter is to offer a comparative analysis of the activities of RRF and cohesion policy in post-pandemic Europe, focusing on issues of strategy, institutions and implementation.