In the revision of the Multiannual Financial Framework (MFF) for the period 2021-2027 – which also includes the vital macroeconomic financial aid for Ukraine, amounting to 50 billion euros in the four years 2024-2027 – the 27 European leaders agreed on Thursday, in the extraordinary session summit of Brussels.

The budget increase, approved by the 27 member states, is the same one agreed by the 26 member states at the European Council in December and vetoed by the Hungarian prime minister, due to his refusal to grant the financial aid in Ukraine.

In particular, according to the conclusions of the summit, for the period 2021-2027 the increase of the EU budget is foreseen as follows:

  • EUR 50 billion to support Ukraine (EUR 17 billion in the form of grants and EUR 33 billion in the form of loans)
  • €2 billion for immigration and border management
  • 7.6 billion euros for the neighborhood policy
  • €1.5 billion for the European Defense Fund, through the Strategic Technologies for Europe (STEP) platform
  • 2 billion euros for the flexibility instrument
  • €1.5 billion for the Solidarity and Emergency Relief Reserve (SEAR).

The European Council agreed to increase the budget by 64.6 billion euros for the period 2021 – 2027, of which 33 billion euros in loans and 10.6 billion euros in redistribution of funds. The new money amounts to 21 billion euros, which is three times less than the initial proposal of the European Commission in June.