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Nobel Prize money contributes to EU financial woes

Friday, 12 October 2012
Nobel Peace Prize awarded this year to the European Union could contribute to easing the EU financial woes. The prize is worth €1.15 million, which represents more than 0.00001 percent of the EU budget.

According to various Swedish media reports and analysis reviews, an example of what the money would be enough for, from the prize, is that it will contribute to Skr0.2 per European Union citizen.

The Union's annual budget is around Skr1300 billion. EU institutions in Brussels uses only about 6 percent of the money. The rest is paid to the member countries and are used, for example, in agricultural subsidies, and various growth projects.

The prize, the EU may used to scrap two Spanish fishing boats, which they have been continuously paying money for according to the Swedish business daily, Dagens Industri.

The money could also suffice, for example, for the expansion of 15 stables for French farmers, in terms of what it has previously considered as cost for these types of projects.

The prize money would also be sufficient to pay for office expenses for some 100 MEPs for two years.
So winning the prize is likely a win - win situation for the EU.
by Scancomark.com Team