The European Commission has proposed to include a new extensive macro-financial assistance package for Ukraine in the next long-term budget of the European Union for 2028-2034. The amount of assistance, according to European Commission President Ursula von der Leyen, will be 100 billion euros.
This is reported by Kyiv24
Support for Ukraine in the new EU budget cycle
As Ursula von der Leyen announced during the budget project presentation at a press conference, these funds are aimed at replenishing the already established Ukraine Facility support instrument. For the years 2024-2027, this fund anticipates financing of 50 billion euros. The new tranche will significantly expand Ukraine’s ability to receive financial support from the EU to address the consequences of the war, implement reforms, modernize, and rebuild the country.
“We are allocating 100 billion euros for Ukraine,” said European Commission President Ursula von der Leyen while presenting the new budget at a press conference.
The European Commission President emphasized that the new 100 billion euros will be directed into the existing fund created by the joint initiative of the heads of state and government of EU member countries. During the interim review of the budget for 2021-2027, this fund was supplemented with 50 billion euros. It is proposed that the next financial support of 100 billion euros be specifically aimed at the recovery of Ukraine.
Discussions on budget approval and Hungary’s reaction
The approval of the new budget requires unanimous support from all EU member states, and the final decision must be made by the European Parliament and state leaders by the end of 2027. However, Hungarian Prime Minister Viktor Orbán has already publicly expressed his disagreement with the new financial assistance to Ukraine, stating that Hungary does not support this initiative.
During a video address broadcast on July 16, he stated that, in his opinion, “Ukraine stands to benefit from the new Brussels plan, as the European Commission is allocating huge sums of money to it. The main party that loses out is Europeans, particularly farmers, who may find themselves in a very difficult situation.”
It is worth noting that in the current EU budget for 2021-2027, 50 billion euros have been allocated for Ukraine’s needs in the form of loans and grants, which are disbursed in tranches until 2027.
Since the beginning of the full-scale invasion by Russia in February 2022, the EU has mobilized nearly 165 billion euros in support of Ukraine, including budget assistance, initiatives from individual member states, and the use of profits from frozen Russian assets. This includes military, economic, and humanitarian support, part of which is intended for medium-term goals and will be provided to Ukraine gradually.
According to UN estimates, the total cost of reconstruction and recovery of Ukraine over the next decade could reach 506 billion euros.