Brussels announced a cut of at least 20 % in the allocation of resources to Spain for the 2028-2034 period. Therefore, the country will receive €79.9 billion for the regions, the Cohesion Policy, the Common Agricultural Policy (CAP), and the fisheries sector.

The actual allocation amounts to €88.1 billion. However, the country must “reserve at least €16.3 billion of this amount for less developed regions, that is, those with a GDP per capita below 75 % of the EU average (currently Castilla-La Mancha, Andalusia, Extremadura, Ceuta, and Melilla).”

In addition, €3 billion will be allocated to migration and border management, and another €5.3 billion to the Social Climate Fund. The remaining sum is less than €80 billion.

The reduction in the budget from the European Commission to Spain represents 20 % less than the current amount in the 2021-2027 budget.

“Specifically, Spain is allocated approximately €35.56 billion from the current Cohesion budget (€23.4 billion from the ERDF, €11.3 billion from the European Social Fund, and €870 million from the Just Transition Fund), to which another €14 billion must be added from the React-EU instrument, with which the EU reinforced this policy through the recovery fund.”

It is important to highlight that the accounts proposed by the European Commission detail the obligation for the Twenty-Seven to allocate €218 billion to less developed regions.

M.Pino

Source: swissinfo

(Reference image source: Jorge Fernández Salas en Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Brussels cuts Spain’s budget by 20 % apareció primero en Bitfinance.