EU unveils close to €2 trillion budget plan for 2028-2034 To tackle economic, security threats
The European Union has unveiled a draft budget of approximately €1.98 trillion ($2.3 trillion) for the seven-year period from 2028 to 2034.
This marks a significant increase from the current €1.2 trillion budget covering 2021 to 2027 and reflects the bloc’s ambitions to strengthen its economic competitiveness and defense capabilities amid rising global challenges, Caliber.Az reports via foreign media.
The proposed budget includes nearly €590 billion aimed at boosting competitiveness, prosperity, and security, with €450 billion dedicated specifically to enhancing EU-wide competitiveness.
Agriculture remains a major priority, with €294 billion allocated to the Common Agricultural Policy.
Negotiations on this multi-annual financial framework have been intense, with EU leaders and institutions now entering a lengthy process to finalize the budget by the end of 2027.
Member states must unanimously approve the plan, which also considers the repayment of the EU’s pandemic-related debt, expected to cost about €25 billion annually starting in 2028.
The budget seeks to simplify funding by consolidating numerous programs into streamlined national envelopes, aiming to improve efficiency and better address economic competition from the US and China.
This proposal arrives amid warnings of a substantial €800 billion yearly investment gap in the EU.
Funded mainly through national contributions—with wealthier countries paying more—the budget also includes additional revenue sources known as “own resources.”
By Aghakazim Guliyev