Hungary is set to forfeit €1.04 billion ($1.07 billion) from its frozen European Union funds, the Financial Times reported on Tuesday. The lost funds are part of €6.3 billion withheld by Brussels due to ongoing rule-of-law concerns and must be allocated by the end of 2024—a deadline Budapest is expected to miss.
In total, approximately €19 billion in EU recovery and other funds remain blocked for Hungary. This includes penalties imposed by an EU court, which fined Hungary €200 million in June 2024 and mandated €1 million daily payments for failing to comply with EU rules on migrant acceptance.
While the European Commission signaled in December 2023 that it was prepared to release €10.2 billion following clarifications on Hungary’s practices, the remaining funds are expected to remain frozen until after the country’s next parliamentary elections in 2026.
