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EU Releases €7 Billion for Research and Innovation

July 22, 2011
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The European Commission recently launched a €7 billion (~ $9.9 billion) research and development fund aimed at tackling the biggest societal challenges facing Europe and the world. Universities, research organizations and industry will be among more than 16,000 funding recipients, with special attention given to small- and medium-sized enterprises.

“Today, Europe is again showing its commitment to putting research and innovation at the top of the political agenda for growth and jobs,” said Máire Geoghegan-Quinn, commissioner, Research, Innovation and Science. “EU-wide competition for these funds will bring Europe’s best researchers and innovators together to tackle the biggest issues of our time, such as energy, food security, climate change, and our aging population.”

The funds will be released under the EU’s 7th Framework Program for Research, which has a total budget of €53 billion (~ $75 billion) for 2007-2013. It is expected to generate 174,000 jobs in the short term and nearly 450,000 in the long term.

For additional details, visit www.eurunion.org/eu.

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