EU Budget Adjustment for 2024: Updating Revenue and Expenditure

The European Parliament has adopted the fourth amending budget for 2024 to update the European Union's revenue and expenditure. This adjustment is necessary to reflect recent economic developments and ensure adequate funding for European agencies. The budget affects all EU citizens through its impact on the financing of European programs.

Context and objectives

The amending budget is based on EU treaties and the multiannual financial framework 2021-2027. The main objective is to update revenue forecasts and adjust funding for decentralized agencies, taking into account recent economic developments and existing budgetary commitments.

Key measures

• Update of own resources forecasts including decrease in customs duties revenue by 18.3%
• Adjustment of UK contribution according to withdrawal agreement with reduction of €1.52 billion
• Increase in funding for decentralized agencies by €12 million net
• Mobilization of flexibility instrument for €13.2 million for European Medicines Agency and Eurojust
• Incorporation of fines and sanctions revenue of €513 million

Timeline and implementation

The amending budget was definitively adopted in September 2024 and applies for the remainder of the 2024 budgetary year. The European Commission is responsible for implementation, and the European Parliament will monitor execution. The budget will be published in the Official Journal of the European Union.

Impact for citizens and stakeholders

Budget adjustments will affect funding of EU programs and European agencies. Citizens may observe indirect effects through services provided by EU agencies. Member States will bear increases in GNI-based contributions due to decrease in other revenue sources. Decentralized agencies will receive additional resources to fulfill mandates, but inflationary pressures remain a concern.