Brexit: Portugal sees EU funding slashed by 7%
Portugal is to suffer a 7% cut in its European Community funds.
Shifting cohesion funds to Eastern European member states and the loss of contributions from the United Kingdom’s exit from the European Union are both factors in the cuts.
The European Union is arguing that despite the reduction, Portugal still enjoys the fifth largest overall funding package from the EU.
EU Commissioner Corina Cretu said she believed that Portugal would still be better off from the Commission’s proposal for Portugal compared to the current financial period since it now had the fifth largest funding package.
“You can’t just look at the total amount,” she said, when quizzed by journalists to explain the Commission’s reasoning for the cohesion fund cuts which are earmarked for the poorer EU member states while at the same time richer countries like Spain and Italy will see increases of 5% and 6% respectively.
“Portugal is the fifth largest beneficiary of these funds and will still be better off than in the current period” she said.
Cretu said that the cut of 7% is “less than the average cut across the Eurozone which averages 9.9% adding that the Commission “recognises the progress made by Portugal.”
According to the European Commission Portugal will get €21.2Bn (€23,861Bn at current prices taking inflation into account).
It means a cut of 7% compared to the €22.8Bn that it received between 2014 and 2020. In total, the EU Commission is arguing for a donation of €373Bn (at current rates) for the future Cohesion Policy for 2021-2027, which represents a cut of 9.9% for the EU member states overall.
Portugal is to suffer a 7% cut in its European Community funds.
Shifting cohesion funds to Eastern European member states and the loss of contributions from the United Kingdom’s exit from the European Union are both factors in the cuts.
The European Union is arguing that despite the reduction, Portugal still enjoys the fifth largest overall funding package from the EU.
EU Commissioner Corina Cretu said she believed that Portugal would still be better off from the Commission’s proposal for Portugal compared to the current financial period since it now had the fifth largest funding package.
“You can’t just look at the total amount”, she said when quizzed by journalists to explain the Commission’s reasoning for the cohesion fund cuts which are earmarked for the poorer EU member states while at the same time richer countries like Spain and Italy will see increases of 5% and 6% respectively.
“Portugal is the fifth largest beneficiary of these funds and will still be better off than in the current period” she said.
Cretu said that the cut of 7% is “less than the average cut across the Eurozone which averages 9.9% adding that the Commission “recognises the progress made by Portugal.”
According to the European Commission Portugal will get €21.2Bn (€23,861Bn at current prices taking inflation into account).
It means a cut of 7% compared to the €22.8Bn that it received between 2014 and 2020. In total, the EU Commission is arguing for a donation of €373Bn (at current rates) for the future Cohesion Policy for 2021-2027, which represents a cut of 9.9% for the EU member states overall.
