The EU has announced €6.4 billion ($8.3 billion) in funding this year for the Seventh Framework Program (FP7), marking a 12% increase over last year’s funding. It is estimated that 16,000 grants will be awarded. Among the areas designated to receive funding are health, which will receive €600 million, including €206 million for clinical trials, and nanotechnologies, which will receive €270 million. The EU has announced that FP7 funding for fiscal 2012 will be reduced by €100 million and by €360 million in 2013. The EU represents approximately 5% of public funding for EU research.

Source: BBC