European Council President Herman van Rompuy has announced that all 27 EU leaders have agreed on the 2014-2020 budget at their two-day summit in Brussels.

The total EU budget for 2014-2020 will be €960 billion. If the deal is approved, Poland would receive €105.8 billion over the course of the next seven years, €4.5 billion more than 2007-2013 budget. The cohesion policy funds for Poland would increase from €69 billion to €72.8 billion, while funds for agriculture would increase from €26.9 billion to €28.5 billion. Another €200 million could be spent by Poland to fight unemployment among young people.

The deal works out well for Poland, which will receive more than it did in the previous budget, while the EU budget as a whole will be cut by €40 billion.

This is the first time the EU has cut its long-term budget. It will reduce spending by 4 percent in real terms compared to the 2007-2013 budget.

MM, JC