ECR MEP and Chairman of the European Parliament's Committee on Budgets Johan van Overtveldt has called for more money for Ukraine than the 50 billion euros promised by the EU. In addition to the military, the civilian sector must also be considered.

“We know what the support for Ukraine is like in the US. We need to assess that for the future and see if we can provide additional funds,” van Overtveldt said during the debate on the outcome of the last Council meeting.

“50 billion euro will not be enough. The need for non-military funds is at least 3 trillion euro per month. The EU could use the 200 billion euro of frozen Russian assets as collateral for 150 billion euro in a revolving credit line.

“Ukraine needs sustainable funding. At the same time, we should consider very strict controls on how these funds are spent”.

The 50 billion euro aid package consists of 17 billion euro in grants and 33 billion euro in loans. While these sound like significant amounts, in the view of the ECR Group the size is relatively small: The 50 billion euro are spread over four years. That means that the average annual amount is 12.5 billion euro, or 0.065 per cent of the EU GDP. Additionally, the grants amount to just 4.25 billion euro per year, or 0.02 per cent of EU’s GDP. However, Ukraine’s monthly needs to continue functioning as an independent state, excluding military spending, are about 3 billion per month or 36 billion euro a year. It is obvious that the 12.5 billion euro provided annually, will not be enough, especially if the Americans do not deliver the aid they have promised.

“We need a broader perspective. We can’t just keep putting out fires”, Van Overtveldt concluded.