The European Commission is preparing to adopt the largest budget in the history of the European Union for the years 2028–2034. According to current plans, the total funding will amount to €1.717 trillion, with €100 billion allocated for supporting Ukraine. This amount was announced by the President of the European Commission, Ursula von der Leyen.
This is reported by Business • Media
“€100 billion is planned for the support of Ukraine. This will be the largest budget in EU history”.
Main priorities of the new EU budget
The budget project foresees an increase in expenditures to 1.23% of the total national income of member states, which will be a significant rise compared to the current period of 2021–2027, where this figure stands at 1.1%. The key priorities of the new financial plan are defense, innovation, and security. At the same time, traditional funding areas, such as agricultural policy and regional development, will be reduced.
Distribution of funds and support for Ukraine
In the budget structure, the main expenditures will be distributed as follows:
- €946 billion – for the development of the “European social model”;
- €522 billion – to enhance competitiveness, welfare, and security;
- €190 billion – for foreign policy and support for neighboring countries;
- €107 billion – for EU administrative expenses.
Funding for Ukraine will be provided through a special off-budget fund. Additionally, the European Commission plans to implement three new taxes to gradually repay the joint debt incurred during the COVID-19 pandemic.