EU approves 2.4 billion Euros funding for migration crisis!

EU approves 2.4 billion Euros funding for migration crisis!

-Dr. Abdul ruff

According to news report, the European Commission on 10 August approved 2.4 billion Euros ($2.6 billion) of aid over six years for countries especially Greece and Italy that have struggled to cope with a surge in numbers of immigrants.

EU, already suffering due to retaliatory Russian sanctions, is also facing severe migration crisis, making financial crisis more ruthless. .

Italy is to receive the most aid – nearly 560 million Euros, while Greece will receive 473 million. Britain has already received its 27 million Euros from the commission in emergency aid funding, which it applied for in March. France will receive its 20 million Euros later this month.

However, neither country has requested additional aid for security in Calais and will not receive funds from the aid programmes announced today. “We are now able to disburse the funding for the French national programme and the UK has already received the first disbursement of its funding,” Natasha Berthaud, a European Commission spokeswoman, told a news conference. “Both of these programmes will, amongst other things, also deal with the situation in Calais.”

The EU Commission also plans to approve an additional 13 programmes later this year, which will then be implemented by EU member states.

The European Union (EU) is a politico-economic union of 28 member states that are located primarily in Europe. The EU operates through a system of supranational institutions like the European Commission, the Council of the European Union, the European Council, the Court of Justice of the European Union, the European Central Bank, the European Court of Auditors, and the European Parliament. The European Parliament is elected every five years by EU citizens.

The EU traces its origins from the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), formed by the Inner Six countries in 1951 and 1958, respectively. Over years, the EU has developed a single market through a standardized system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished. EU policies aim to ensure the free movement of people, goods, services, and capital, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries, and regional development. The monetary union was established in 1999 and came into full force in 2002.

With a combined population of over 500 million inhabitants or 7.3% of the world population, the EU in 2014 generated a nominal gross domestic product (GDP) of 18.495 trillion US dollars, constituting approximately 24% of global nominal GDP and 17% when measured in terms of purchasing power parity. As of 2014 the EU has the largest economy in the world, generating a GDP bigger than any other economic union or country

Tensions have escalated this year as thousands of migrants from the Middle East and Africa try to gain asylum in the European Union. Calais, a bottleneck for migrants attempting to enter Britain illegally through the Eurotunnel from France, has seen several migrant deaths this month.

It’s been one year since the West imposed sanctions on Russia over the Ukraine crisis, prompting Moscow to respond with counter-sanctions. Those sanctions have resulted in major economic losses for the EU, which are continuing to worsen. In July the former French minister for apprenticeship and professional formation, Nadine Morano, said that the EU has lost €21 billion in revenue as a result of Russia’s counter-sanctions so far – and that number could nearly quadruple to €81 billion over time.

In June, the European Union extended sanctions against Russia until January 2016. However, this required a unanimous decision from all member countries – something that will become harder and harder to achieve.
US President Barack Obama claimed that the sanctions have “seriously weakened” the Russian economy. Though the sanctions have had some negative impact on Russia, the country’s economic slowdown had more to do with the price of oil which has fallen by 50 percent, concluding that this was inevitably going to have an effect on the Russian economy, particularly on the ruble.

Meanwhile, the Austrian Institute of Economic Research presented a projection of possible economic losses for the EU in 2015 in a worst-case scenario. It shows that Germany will be affected by the embargo the most, with losses of €29.9 billion. The next in line are Italy (€16.3 billion), France (€11.1 billion), the UK (€9.0 billion), and Spain (€8.5 billion).

Moscow’s counter-sanctions are biting a bit in the south of Europe, which increases the likelihood of sanctions against Russia being lifted. However, this would be politically inconvenient for Washington, which does not want to appear weak against Moscow. It’s unfortunate that the West has taken has taken such a strong side for one part of an internal conflict in Ukraine. There is lack of understanding what the causes of this conflict are, however, there are some signs that some more awareness is coming on among EU nations.

As of 2014 the EU has the largest economy in the world, generating a GDP bigger than any other economic union or country. Additionally, 26 out of 28 EU countries have a very high Human Development Index, according to the UNDP. In 2012, the EU was awarded the Nobel Peace Prize.

EU sanctions against Russia are unlikely to continue far into the future, as it will become increasingly harder to bully EU nations that want to lift the measures.


Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s