EU leaders agree on additional funding for Ukraine

Written by Henrik Rothen

Oct.27 - 2023 8:05 AM CET

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Photo: Wikipedia Commons
Photo: Wikipedia Commons
EU leaders agree on additional funding for Ukraine.

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During a recent EU summit in Brussels, Ursula von der Leyen, President of the European Commission, announced broad consensus among EU countries to allocate an extra 50 billion euros to Ukraine over the next four years.

While the formal agreement is expected at an upcoming EU summit, the discussion has already set the stage for political priorities in a revised budget.

The Need for a Revised Budget

According to Danish media, The EU is considering a revised budget that addresses various crises and wars that have impacted the union, including the COVID-19 pandemic, the war in Ukraine, and the migration crisis.

The Commission has proposed expanding the EU budget by more than 500 billion kroner, with approximately 370 billion kroner earmarked for Ukraine.

Von der Leyen emphasized that Ukraine is the most critical issue, but leaders are also discussing funds for border control and migration, dealing with natural disasters, and enhancing competitiveness.

However, it remains uncertain whether all these topics will be prioritized in the final budget.

While there's agreement on the need for additional funding, the source of these funds is still a matter of debate. Several countries suggests reallocating funds from the existing budget, particularly from agricultural and regional support, which make up two-thirds of the EU's budget.

The expectation is that the Spanish EU presidency will present a more detailed proposal for discussion, aiming for a formal agreement in December.

Charles Michel, President of the European Council, stated that the summit had a good exchange of views, identifying two key elements: the priorities for the revised budget and the financing methods.

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