European Commission Vice President Antonio Tajani, Commissioner for Industry and Entrepreneurship, said: "Galileo and EGNOS are an investment in our future. The opportunities and benefits that these systems will bring to the European economy and citizens are very significant. The overall economic impact of Galileo and EGNOS is estimated to be around € 90 billion over the next 20 years. In addition to the opening up of new business opportunities, also every day users will be able to enjoy increasingly accurate satellite navigation services with every new satellite launch."
The two European satellite navigation programmes Galileo and EGNOS, will be financed with € 7 billion budget for the period 2014-2020.
The European Commission has welcomed approval by the European Parliament of the financing and governance of two European satellite navigation programmes: Galileo and EGNOS, for the period 2014-2020. Their total budget of € 7 billion will be used for the completion of the satellite navigation infrastructure, operations, necessary replenishment and replacement activities, development of fundamental elements such as Galileo-enabled chipsets or receivers and, most importantly, the provision of services. The responsibility for the progress of the programmes and their overall supervision will stay with the Commission. The European GNSS Agency will gradually assume responsibility for the operational management of the programmes while the European Space Agency will remain responsible for the deployment of Galileo, and the design and development of new generation of systems.