Budapest now has two months to reply to the European Commission and may face a fine.
The EU plan to fight variants, called HERA Incubator, will be a public-private partnership, pooling knowledge from researchers, biotech companies, manufacturers, the health sector and public authorities and regulators.
Denmark had given first and second doses to a greater share of its population — 1.42% — than other European countries. In contrast, France had fully vaccinated only 0.07%.
Brussels is appealing a court ruling that said Apple did not have to repay €13 billion in back taxes to Ireland.
One MEP went as far to warn of a possible UK-EU vaccine war.
The row over the supply of COVID-19 vaccines highlights the tension as Europe struggles to roll out inoculation programmes.
MEPs will see details of the EU's deal with COVID-19 vaccine provider CureVac on Tuesday. But that hasn't stopped calls for Brussels to be more transparent on all its vaccine contracts.
The Commission said the funds will help migrants and refugees "facing a humanitarian disaster" by financing warm clothing, blankets, food, healthcare and mental health and psychological support.
Euronews correspondent, Meabh McMahon, speaks to the EU commissioner for financial services, financial stability and Capital Markets Union, Mairead McGuinness, to discuss Brexit, the COVID recovery plan and the banking union.