EU Budget Finalized, Conditions Unchanged for Estonia

Photo: Reuters/Scanpix
11/20/2013 10:52 AM
Category: Economy

The European Union's next seven-year budget was finally approved in Strasbourg on Tuesday, nine months after EU leaders initially agreed to terms that were considered a boon for Estonia.

The process was drawn out as this was the first seven-year budget that required the approval of the European Parliament.

MEPs successfully bargained for extra funding for the current year, and the right to review the pending budget in 2016.

Estonia's share stands at 5.89 billion euros over the next seven years. Spending for the whole union was set at a maximum of 960 billion euros.

The budget means funding for the Rail Baltic project and increasing agricultural subsidies to 75 percent of the union's average by the end of the budgetary period.

According to the BBC, 325 billion euros will be directed to the Cohesion Fund, 278 billion is earmarked for farmers and 125.6 billion for boosting competitiveness, including research and development.

Rural development and fisheries will receive 95 billion euros, 59 billion euros will be paid out to non-EU nations in aid and 15.7 billion will go towards security and citizenship projects. Another 62 billion euros has been set aside for administrative costs.


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