€2.7 billion funding cut for EU researchers
27 Apr 2015 by Evoluted New Media
At the Science Business Horizon 2020 conference, the European education commissioner – Tibor Navracsics – supported a €2.7 billion cut from the European Commission’s research and European Institute for Innovation and Technology (EIT) budget. Navracsics assured academic and business leaders that the money taken will be put into an investment fund for economic recovery which will help generate additional funding of at least €315 billion in the future.
“This is not money lost for innovation. On the contrary, the fund will provide finance for relatively high-risk proposals which would otherwise find it difficult to raise funds,” said Navracsics for Science Business.
University and industry officials – dependant on the EU Horizon 2020 – protested against the intended €350 million cuts that would be directed at the Budapest-based EIT as part of the budget cut plan. The funding helps universities and innovation industries in fields such as sustainable energy and ICT develop new products and train engineers and entrepreneurs. The cut would amount to 13% of the Budapest-based EIT budget.
“Let’s think of it as an opportunity. There’s been no economic growth since 2008 so it’s time for us to make a contribution. Nobody’s happy with cuts but we have to make a bigger effort to revive economic growth,” added Navracsics.
