You cannot set up a recurring event but you can easily create an event based on an existing event in your account. You can also copy an invitation eCard and assign it to be sent for your new event.
Create Your New Event
Go to the Invitation Manager and find the event that is similar to the new one you want to create. In the options drop down menu next to that event, select 'Copy Event.' This will create an exact duplicate of the event except you will need to enter your event date and an end date if you have one. The event name will have the word 'COPY' in it so that you know you are working with the copied version. You will want to remove that text before you save your new event.
Create Your New Invitation
If you want to create a similar eCard invitation to the one you sent to your last event, go to your sent or saved eCards and find the one that contains the information from the prior event. In the options menu next to that eCard, select ‘copy card.’ From the drop down menu under ‘Include Event RSVP’ choose your new event to associate with this new eCard invitation. Modify the eCard content and send to your list of recipients.
Creating a New Invitation from a Prior Invitation List
If you want to send an eCard invitation to an invitation list from another event, please see this FAQ: How do I copy my invited guest list from another invitation?