The COVID-19 pandemic triggered the biggest disruption to EU countries' societies and economies, including their education systems, since World War II. Responding to the crisis has forced national governments to increase their spending to keep the economy and public services afloat. This situation has brought about significant opportunities as well as challenges for investment in the education sector. This report is a first attempt to document how EU Member States adapted their education investment to cope with the outbreak of COVID-19. The report also highlights some lessons learnt by analysing the similarities and differences with the previous economic and financial crisis at the end of the 2000s. Preserving high-quality investment in education will be key to improving future economic growth in the EU and keeping Member States' public finances sustainable.