Around 16,000 participants from research organisations, universities and industry, including about 3,000 SMEs, will receive funding through calls for proposals evaluations over the next 14 months. Many calls have formally been published on 20 July. This package is an economic stimulus expected to create more than 165.000 jobs. 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.

Commissioner Geoghegan-Quinn said: "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."

More funding than ever before

There will be an opportunity to bid for funding from the EU's Seventh Framework Programme across a wide range of policy areas. For example, health gets over €600 million. There is a €1.2 billion boost to Information and Communication Technology (ICT) research, which will help deliver the Commission's commitment in the Digital Agenda for Europe to maintain the pace of yearly increases in ICT funding.

More than €1.3 billion are reserved for the best creative scientists selected by the European Research Council. Mobility grants for 7, 000 highly qualified researchers will be provided through "Marie Curie Actions", worth €772 million

€800 million for SMEs

Top priority is given to Small and Medium-sized Enterprises (SME), the backbone of the European innovation system, representing 99% of all European businesses. SMEs, will receive close to €800 million and for the first time, there will be ring-fenced budgets in several areas. For example, in health, knowledge-based bio-economy, environment and nanotechnologies SME participation must reach 35 % of the total budget for a number of topics.

Source: DG Research.