This year’s Nobel Prizes will be accompanied by a higher prize money, increased by 1 million kroner, bringing the total to 11 million Swedish kroner ($986,000), the Nobel Foundation announced today.

The prize money has fluctuated in recent years and those responsible for awarding it said that the amount is increasing this year to reflect the Foundation’s strong financial position.

The Nobel Prize in Medicine is the first for this year and will be announced on October 2. Prizes for Physics, Chemistry, Literature and Peace will follow in the next few days.

In 2012, the prize money was reduced from 10 million kroner to 8 million as the Foundation tried to clean up its finances. The amount increased to 9 million in 2017 and 10 million in 2020 – the level it was at before 2012.

Over the past decade, however, the Swedish krona has lost about 30% of its value against the euro, meaning that the latest increase in the value of the prize won’t make Nobel laureates outside Sweden particularly richer.

In 2013, the prize money accompanying the awards for achievements in science, literature and peace — first awarded in 1901 — was about $1.2 million, despite a reduction in the amount to Swedish currency to 8 million kroner.