EC proposes to allocate 40 billion euros to resolve the energy crisis

BRUSSELS, 18 Oct – PRIME. The European Commission (EC) has proposed to direct approximately 40 billion euros of unspent funds from the 2014-2021 EU budgets to resolve the energy crisis, according to a press release from the EC.

“The Commission also proposes targeted, flexible use of Cohesion Policy funding to address the effects of the current energy crisis on citizens and businesses, using up to 10% of the total national allocations for 2014-2020, amounting to almost 40 billion euros,” it says.

These proposals still have to be considered and agreed upon by the EU countries.

The Cohesion Policy is the EU’s strategy to promote and support the “harmonious development” of its member states, according to the EC website. Approximately 32.5% of the EU budgets for 2014-2020, or about 351.8 billion euros in 2014 prices, is dedicated to funding this policy.