European Commission earmarks €50 billion for Ukraine in adjusted budget proposal

European Commission earmarks €50 billion for Ukraine in adjusted budget proposal
Credit: Belga

Ukraine should be able to count on support to the sum of €50 billion from the European Union during the 2024-2027 period, according to the European Commission’s updated proposal for the EU’s multi-annual budget.

As per tradition, the Commission has carried out a mid-term review of the EU’s 2021-2027 budget in order to adapt it to emerging needs. Approved in 2020, this budget did not include the war in Ukraine, which has shaken the continent of Europe since 24 February 2022; the migration crisis has also not abated, Europe’s technology industry needs investment and interest rates have risen.

The Commission has earmarked €15 billion for migration policy, a sum that will go to the new European pact, which is still under discussion, but also to investment in third countries to tackle the causes of migration.

Part of the allocation is once again earmarked for responding to natural disasters and other crises.

A new platform is to promote €160 billion of investment by European companies active in critical sectors and technologies. The Commission has prioritised three sectors – deeptech, clean tech and biotechnology – in order to maintain Europe’s competitive edge over other regions of the world.

The Commission hopes Member States will quickly be able to approve the increase in the European budget.

In the European Parliament, which is not involved in negotiating the budget but must approve it, there has again been talk of the need for new EU revenues from the CO2 emissions market and new taxes from the Border Carbon Adjustment Mechanism.

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