By Martin Banks - 19th July 2010
This is a huge and efficient economic stimulus
Máire Geoghegan-Quinn
Research and innovation in the EU will be given a €6.4bn boost under plans unveiled by the European commission on Monday.
The package, the biggest ever, covers a wide range of scientific disciplines, public policy areas and commercial sectors.
According to the commission, the funding will "advance scientific boundaries, increase European competitiveness and help solve societal challenges such as climate change, energy and food security, health and an ageing population."
Under the plan around 16,000 participants from research organisations, universities and industry, including about 3000 SMEs, will receive funding.
Grants will be awarded through "calls for proposals" and evaluations over the next 14 months.
The package is an economic stimulus expected to create more than 165,000 jobs, said research and innovation commissioner Máire Geoghegan-Quinn.
She said, "It is also a long-term investment in a smarter, sustainable and more inclusive Europe.
"It is a key element within the EU's Europe 2020 strategy and in particular the innovation union flagship, which will be launched in autumn 2010."
She added, "Investment in research and innovation is the only smart and lasting way out of crisis and towards sustainable and socially equitable growth.
This European package will contribute to new and better products and services, a more competitive and greener Europe, and a better society with a higher quality of life.
We are offering researchers and innovators €6.4 billion for cutting-edge projects focusing on big economic and societal challenges: climate change, energy and food security, health and an ageing population.
"This is a huge and efficient economic stimulus and an investment in our future."
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