One of the primary goals of the European Union from its inception has been to foster prosperity and peace. One method to accomplish this is to pool resources to be spent on areas critical to the well-being of all European residents. These funds are distributed through the EU’s annual and long-term budgets.
The EU budget varies from national budgets in that it invests in areas where the EU can offer value, allowing it to grow and become more competitive. While national budgets fund education and social protection, the EU budget addresses issues that affect the entire continent, such as migration management and border control.
EU funds also enable the continuation of costly, long-term initiatives. The Investment Plan for Europe, for example, would be too expensive for any single country to support at a cost of almost €500 billion.
So, how is the EU budget paid for? How are EU funds allocated? How much does each country contribute to the EU budget? Continue reading to find out the answers to these and other important questions.