Negotiatiors reach agreement on EU budget for 2024

Negotiators from the European Council and Parliament reached an agreement on the EU’s 2024 budget late Friday night. It increases to nearly 190 billion euros, or 1.06 per cent of the GDP of the EU’s 27 countries. The budget provides additional funds for humanitarian aid and to combat antisemitism.

The final amount is in line with the proposal made by the European Commission in June and since amended.

“The budget adopted today makes it possible to address the immediate consequences of the crisis in the Middle East and in southern and eastern neighbour countries, in particular for humanitarian aid and migration,” said Budget commissioner Johannes Hahn. “But much remains to be done to quickly fund a range of measures, particularly in relation to Ukraine.” This refers to the mid-term review of the 2021-2027 multiannual budget, which is expected by the end of this year.

The budget agreement, which is part of the multi-year budget, provides for 189.385 billion euros in commitments and 142.630 billion in payments. An amount of 360 million euros is provided to respond to any unexpected needs.

Humanitarian aid

“The 2024 budget is an exercise in difficult and uncertain times,” said the parliament’s Budget committee chair, Johan Van Overtveldt, of N-VA and the European Conservatives and Reformists group.

Van Overtveldt, a former Belgian finance minister, said an extra 10.5 million euros would be allocated to the fight against antisemitism. “Hamas’ brutal terrorist attack on Israel shows us once again that the world around our union is constantly changing. The resulting rise in antisemitism affects countries across Europe,” he said.

Humanitarian aid has also been increased by 250 million euros, while more money will go Horizon research (85 million), an incentive for young farmers (20 million), more investment under Erasmus+ (60 million) and to address the consequences of Russian aggression in Ukraine.

The parliament and council now have 14 days to formally approve the agreement.


Johan Van Overtveldt and Johannes Hahn © ALEXIS HAULOT / HANS LUCAS VIA AFP

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