On 22 November 2023, the European Parliament formally adopted the EU annual budget for 2024 following the Council’s prior endorsement on 20 November. The Parliament’s voting marked the end of the budgetary negotiation process based on the political agreement reached by the two parties on 11 November. 

The EU budget for 2024 encompasses commitments of EUR 189.4 billion, and payments of EUR 142.6 billion. It will continue supporting the ongoing economic recovery, while strengthening Europe's strategic autonomy. Green and digital spending will continue to be prioritised to ensure a more resilient Europe, fit for the future.  

In total, EUR 21.9 billion are allocated for people, social cohesion, and values, including EUR 3.796 billion for Erasmus+ to support the Programme’s inclusion objectives. This amount includes additional EUR 60 million, negotiated by the European Parliament, on top of the draft budget proposed by the European Commission and retained by the Council (for more details, see ACA Newsletter – Education Europe, September 2023).  

The 2024 budget for research and innovation is EUR 13.6 billion, including EUR 12.9 billion for Horizon Europe and the Digital Europe Programme. This budget includes extra EUR 80 million proposed by the European Parliament.