The European Commission announced on Wednesday that it has proposed an annual EU budget of 189.3 billion euros for the 2024 financial year.
The budget will cover around €113 billion in subsidies under Next Generation EU, the EU’s post-pandemic recovery tool, the commission said in a statement.
The European executive affirmed that the “combined firepower” of these two financial instruments will “continue to stimulate the ongoing economic recovery in Europe and create jobs, while strengthening Europe’s strategic autonomy”.
The draft budget for 2024 continues to provide essential funding for the EU’s political priorities, with green and digital spending continuing to be priorities “to make Europe more resilient and future-ready”, the report stressed.
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The draft budget directs the most transformative funds to the most pressing recovery needs of EU member states and stakeholders around the world, saying the funds will help modernize and strengthen the Union, drive green and digital transitions, create jobs and strengthen Europe’s role in the world.
With a view to strengthening the resilience of the food and fisheries sectors, the text provides for the allocation of 53.8 billion euros to the Common Agricultural Policy and 1.1 billion to the European Maritime, Fisheries and Aquaculture Fund.
47.9 billion euros will be dedicated to regional development and integration in order to support the priority programs of the Union and the infrastructures necessary for economic, social and regional cohesion and green transition.
In addition, €15.8 billion will support EU partners and its interests around the world, €13.6 billion for research and innovation, €10.3 billion for policies related to people, social cohesion and values and €4.6 billion for European strategic investments.
The draft budget for 2024 is part of the Union’s long-term budget adopted at the end of 2020, which includes subsequent technical changes. According to the Commission, the budget is on track to dedicate 30% of long-term funding to the fight against climate change and the Next Generation EU Recovery Instrument.