The European Union (EU) has released details of its financial commitments to the Iter fusion project in France for the next two years. The EU Council of Ministers, the European Parliament and the European Commission have agreed where to find the EUR 1.3 billion needed for 2012 and 2013, with significant funds being reallocated from the EU’s budgets for administration and natural resources development. A European Commission note explained that EUR 840 million would come through increasing EU spending on its “competitiveness for growth and employment” budget for 2012 by EUR 650 million and for 2013 by EUR 190 million.
This money will be generated by cutting EU budgets for promoting natural resources by EUR 450 million in 2011, and by reducing administration costs in 2011 and 2012 by EUR 390 million. Ministers and MEPs also agreed that another EUR 360 million would be found within the EU’s 2013 budget, without increasing overall expenditure. However, they did not identify which budgets will shrink as a result. Meanwhile, the final EUR 100 million has already been earmarked for Iter.
This money will be generated by cutting EU budgets for promoting natural resources by EUR 450 million in 2011, and by reducing administration costs in 2011 and 2012 by EUR 390 million. Ministers and MEPs also agreed that another EUR 360 million would be found within the EU’s 2013 budget, without increasing overall expenditure. However, they did not identify which budgets will shrink as a result. Meanwhile, the final EUR 100 million has already been earmarked for Iter.
