European Parliament approves budget proposal reversing Council cuts

On Wednesday, the European Parliament voted to approve a proposal for the European Union's 2027 budget, championed by Cypriot MEP Michalis Hadjipantela and Latvian co-rapporteur Nils Usakovs. The proposal, which passed with 400 votes in favor, 189 against, and 84 abstentions, effectively reverses all budget cuts previously implemented by the Council of the EU in July.

The approved budget allocates €194 billion in commitments and €203.3 billion in actual payments. Notably, this figure represents an increase of €1.17 billion over the European Commission's original position from June. The additional funding includes €260.5 million for the Connecting Europe facility, which supports infrastructure projects like the Great Sea Interconnector, as well as an extra €85 million for the European agriculture guarantee fund and €20 million dedicated to supporting young farmers.

The vote saw a split among Cypriot MEPs, with Michalis Hadjipantela, Loucas Fourlas, Costas Mavrides, and Fidias Panayiotou voting in favor, while Giorgos Georgiou voted against and Geadis Geadi abstained. This legislative action marks a significant divergence from the Council’s austerity-focused approach, positioning the Parliament to push for higher investment levels in key European infrastructure and agricultural sectors throughout the coming year.