The European Commission has today proposed an annual EU budget of €189.3 billion for 2024. The budget will be complemented by an estimated €113 billion in payments for grants under NextGenerationEU, the EU’s post-pandemic recovery instrument. According to a statement from the Commission: “Their combined firepower will keep driving Europe’s ongoing economic recovery and create jobs, while strengthening Europe’s strategic autonomy”. The European Union “faced exceptional challenges in the last years, including fast rising inflation, which put considerable pressure on the ability of the budget to further respond to new developments. Nevertheless, the draft budget for 2024 continues to provide key funding to the EU’s political priorities as planned. Green and digital spending will continue to be prioritised to make Europe more resilient and fit for the future”.

The draft budget 2024 (proposed by the Commission but requiring approval from the EU Council and Parliament) directs funds “to where they can make the greatest difference, in line with the most crucial recovery needs of the EU Member States and our partners around the world”. The Commission “will continue to stand by Ukraine for as long as it takes. Following Russia’s war of aggression against the country, the EU budget has been fully mobilised to support Ukraine, and EU Member States welcoming refugees, however its availabilities have been exhausted”.