Key Facts
• The EU proposed a €1.98 trillion budget for 2028-2034.
• This marks a significant increase from the €1.2 trillion budget for 2021-2027.
• €589.6 billion is allocated for competitiveness, prosperity, and security.
• €450.5 billion of this will focus on enhancing EU competitiveness.
• €100 billion is proposed for Ukraine support as part of the budget.
• The budget plan requires approval from all 27 EU member states.
• The agreement deadline for the Multiannual Financial Framework (MFF) is the end of 2027.
Summary
The European Union (EU) has unveiled a €1.98 trillion budget proposal for 2028-2034, reflecting a substantial increase from the previous €1.2 trillion budget for 2021-2027. The plan aims to address global economic competition, rising defense demands, and other challenges. Key allocations include €589.6 billion for competitiveness, prosperity, and security, with €450.5 billion dedicated to boosting EU competitiveness. Additionally, €100 billion is earmarked for Ukraine support. The budget requires unanimous approval from all 27 EU member states, with a final agreement on the Multiannual Financial Framework (MFF) needed by the end of 2027.
