According to the European Commission’s proposal, the EU’s annual budget for 2024. is expected to be €189.3 billion. It is worth noting that it will be supplemented by payments estimated at €113 billion for grants under the EU’s pandemic recovery facility, NextGenerationEU.
EU Budget 2024. – main objectives
Budget designed for 2024. is to provide key funding for the implementation of EU policy priorities as planned. According to the assumptions, green and digitization spending will continue to be a priority, as it is expected to make Europe more resilient and adaptable to future challenges.
In the draft budget for 2024. Resources are directed to where they can make the most difference, in line with the most important reconstruction needs of EU member states and our partners around the world. The measures will help modernize and strengthen the Union through green and digital transformation, as well as create new jobs and strengthen Europe’s role in the world.
The European Commission has proposed to allocate the following amounts (in the form of commitments) for its priority actions:
- 53.8 billion euros for the Common Agricultural Policy and 1.1 billion euros for the European Maritime, Fisheries and Aquaculture Fund, for the benefit of European farmers and fishermen and to strengthen the resilience of the agri-food and fisheries sectors and ensure adequate crisis management;
- 47.9 billion for regional development and regional cohesion to promote economic, social and territorial unity, as well as for infrastructure to support the green transition and the Union’s priority projects;
- 15.8 billion in support of our partners and interests in the world, including €11.4 billion for the Instrument for Neighborhood and International and Development Cooperation – ISWMR – “Global Europe,” €2.1 billion for the Instrument for Pre-Accession Assistance (IPA III) and €1.7 billion for humanitarian aid (HUMA);
- 13.6 billion euros for research and innovation, including 12.8 billion euros for “Horizon Europe,” the European Union’s flagship research program. The draft budget also includes funding for the European Chip Act under Horizon Europe and reallocating funds from other programs for this purpose;
- 4.6 billion for European strategic investments, including €2.7 billion for the Connecting Europe Facility to improve cross-border infrastructure and €1.3 billion for the Digital Europe program, which will help shape the Union’s digital future, as well as €348 million for InvestEU priorities (research and innovation, green and digital transformation, health sector and strategic technologies);
- 2.1 billion euros for space spending, mainly for the European Space Program, which will unite the activities of EU countries in this strategic field;
- 10.3 billion for the priority of people, social cohesion and values, of which €3.96 billion for the growing external financing costs associated with NGEU (which will be closely monitored), in addition to €3.7 billion for Erasmus+ to create learning and mobility opportunities for people, €332 million to support artists and creators across Europe, and €215 million to promote justice, rights and values;
- 2.4 billion for environment and climate action, including €745 million for the LIFE program for climate change mitigation and adaptation, and €1.5 billion for the Just Transition Fund to ensure a win-win transition to a green economy;
- 2.2 billion for the protection of our borders, including €1.1 billion for the Integrated Border Management Fund (IBRMF) and €874 million (total EU contribution) for the European Border and Coast Guard Agency (Frontex);
- 1.7 billion for migration-related spending, of which €1.5 billion is for supporting migrants and asylum seekers in line with our values and priorities;
- 1.6 billion for defense-related activities, including €638 million to support capability development and research under the European Defense Fund (EDF), €241 million to support military mobility, €260 million for a new short-term defense instrument, and €343 million to support munitions production;
- 947 million euros to ensure the functioning of the single market, including 602 million euros for the Single Market Program and 200 million euros for work in the fields of tax, customs and anti-fraud;
- 754 million for the EU Health Program to provide a comprehensive response to the population’s health needs, and 230 million for the EU Civil Protection Mechanism (rescEU) to be able to quickly mobilize operational assistance in the event of a crisis;
- 726 million for security, including €315 million for the Internal Security Fund (ISF), which will be used to combat terrorism, radicalization, organized crime and cybercrime;
- 213 million euros for secure satellite connections under the EU’s new secure communications program.
It’s worth noting that the 2024 budget is part of the Union’s long-term budget adopted at the end of 2020, with future technical adjustments to transform its priorities into specific targets to be achieved in a given year.
EU Budget 2024. – LIFE Environment and Climate Action Program
The 2024 EU budget also plans to fund the LIFE program, which supports the EU’s policy goals, in particular the protection of nature and biodiversity. Funded activities aim to protect and improve the EU’s air and water quality, as well as the transition to an energy-efficient, renewable energy and closed-loop economy. The LIFE program also supports the implementation of the 2030 energy and climate policy framework and the Union’s commitments to achieve climate neutrality and resilience by 2050, including initiatives under the “Fit for 55” and the EU Adaptation Strategy. The LIFE 2021 – 2027 program has been allocated almost €2 billion more than in the 2014 – 2021 perspective – the allocation is €5.4 billion.