Negotiators representing the European Council and Parliament reached a consensus on the EU's 2024 budget late on Friday night, amounting to nearly 190 billion euros or 1.06% of the GDP of

the EU's 27 member states. The budget allocates additional funds for humanitarian aid and the fight against antisemitism.

This final amount aligns with the proposal put forth by the European Commission in June, subsequently amended. The budget aims to address immediate repercussions of the crisis in the Middle East, southern, and eastern neighboring countries, particularly focusing on humanitarian aid and migration, as stated by Budget Commissioner Johannes Hahn. However, further action is required to promptly finance various measures, notably concerning Ukraine, with the mid-term review of the 2021-2027 multiannual budget expected by year-end.

Part of the multi-year budget, the agreement outlines 189.385 billion euros in commitments and 142.630 billion in payments, with an additional 360 million euros earmarked to address unforeseen needs.

Johan Van Overtveldt, Chair of the parliament's Budget committee, acknowledged the challenges of the 2024 budget in uncertain times. He mentioned an additional allocation of 10.5 million euros to combat antisemitism, citing recent events like Hamas' terrorist attack on Israel as a reminder of the evolving global landscape affecting Europe.

The budget also increases humanitarian aid by 250 million euros and allocates more funds to Horizon research (85 million), incentives for young farmers (20 million), additional investment under Erasmus+ (60 million), and efforts to address the consequences of Russian aggression in Ukraine.

Formal approval of the agreement now rests with the parliament and council, with a 14-day window for this process.