Irish presidency unveils EU budget proposal for 2028-2034
The Irish Presidency has released its revised proposal for the EU's Multiannual Financial Framework covering 2028 to 2034. This comprehensive budget aims to balance new priorities with treaty obligations, setting the stage for vital negotiations at the European Council.
•
⏱️ 2 min read
On 10 October 2026, the Irish Presidency of the Council of the European Union circulated its updated Negotiating Box for the forthcoming Multiannual Financial Framework (MFF) spanning 2028 to 2034. This marks a crucial phase after three months of thorough consultations aimed at crafting a budget that is ambitious, modern, and adaptable, while safeguarding core treaty-based policies such as the Common Agricultural Policy (CAP) and Cohesion.
Central to the proposal is a strong emphasis on competitiveness, research, innovation, security, and defence, with unprecedented funding levels for these areas. The revised budget also respects calls from most Member States to maintain Cohesion and CAP funding, recognising their importance in supporting regional development, rural communities, and farmers. The Irish Presidency’s approach seeks to reconcile differing priorities among Member States by offering a framework to guide future discussions on budget volume, funding priorities, and revenue generation.
The proposed overall budget totals €1.62 trillion, representing a 30% increase from the current MFF, equating to 1.16% of EU Gross National Income. Savings of €141 billion (8%) have been identified compared to the European Commission’s original proposal, achieved across all budget headings while preserving key programmes. Notably, competitiveness-related funding is doubled, exceeding €400 billion, reflecting the EU’s commitment to emerging challenges. The proposal also maintains €25 billion for humanitarian aid and adheres to the 90% Official Development Assistance target. Additionally, the Irish Presidency has advanced an ambitious Own Resources package expected to raise around €55 billion annually, though it remains subject to ongoing negotiations. Member States will consider this revised proposal ahead of the European Council meeting in October 2026, where leaders will strive to reach a timely agreement before year-end.
Central to the proposal is a strong emphasis on competitiveness, research, innovation, security, and defence, with unprecedented funding levels for these areas. The revised budget also respects calls from most Member States to maintain Cohesion and CAP funding, recognising their importance in supporting regional development, rural communities, and farmers. The Irish Presidency’s approach seeks to reconcile differing priorities among Member States by offering a framework to guide future discussions on budget volume, funding priorities, and revenue generation.
The proposed overall budget totals €1.62 trillion, representing a 30% increase from the current MFF, equating to 1.16% of EU Gross National Income. Savings of €141 billion (8%) have been identified compared to the European Commission’s original proposal, achieved across all budget headings while preserving key programmes. Notably, competitiveness-related funding is doubled, exceeding €400 billion, reflecting the EU’s commitment to emerging challenges. The proposal also maintains €25 billion for humanitarian aid and adheres to the 90% Official Development Assistance target. Additionally, the Irish Presidency has advanced an ambitious Own Resources package expected to raise around €55 billion annually, though it remains subject to ongoing negotiations. Member States will consider this revised proposal ahead of the European Council meeting in October 2026, where leaders will strive to reach a timely agreement before year-end.
0 views