The Erasmus+ programme for 2021-2027 includes an overall estimated budget of €26.2 billion. This budget nearly doubles the funding of the previous 2014-2020 programme. Specifically, the funding comprises €24.574 billion in current prices, allocated through the new Multiannual Financial Framework (MFF) 2021-2027, supplemented by an additional top-up of €1.7 billion expressed in 2018 prices.

Furthermore, approximately €2.2 billion in complementary funding is available from the EU external cooperation instruments, such as the Neighbourhood, Development and Cooperation Instrument (NDICI) and the Instrument for Pre-Accession (IPA III).

The funding is allocated as follows: 

Approximately 70% support mobility opportunities for learners and staff across higher education, vocational training, adult education, etc.

The remaining 30% of the budget is allocated to cooperation projects and policy development activities. These projects enable organisations to cooperate internationally, develop innovative educational methods, exchange good practices, and build networks. 

The funding

The European Union (EU) is primarily responsible for it. The programme’s estimated budget of €26.2 billion is allocated under the EU’s Multiannual Financial Framework (MFF) 2021-2027.

The European Commission works closely with National Agencies across member states and with the Education, Audiovisual and Culture Executive Agency (EACEA), which assists with the operational delivery, monitoring, evaluation, and support of projects and activities funded by Erasmus+.

Erasmus+ funding is provided primarily in the form of grants aimed at supporting education, training, youth, and sport initiatives across Europe and beyond, and the financial entities are the following:

• The European Commission (policy and budget authority);

• National Agencies (national-level management and implementation);

• The Education, Audiovisual and Culture Executive Agency (operational management).

External cooperation instruments, such as the Neighbourhood, Development and Cooperation Instrument (NDICI) and the Instrument for Pre-Accession (IPA III), also contribute. These instruments provide additional funding streams to complement the Erasmus+ budget for projects involving partner countries outside the EU, facilitating international cooperation and capacity building.