After lengthy talks, European leaders have succeeded in reaching an agreement on Horizon Europe. The total and final budget for the next seven-year framework programme for research and innovation is €95.517 billion (current prices). In comparison with Horizon 2020, it represents a budget increase of 30%. Concerning Erasmus+, they agreed on expending the budget to €26 billion – almost doubled in comparison with the €14.7 billion allocated to Erasmus+ for Horizon 2020.

The Scientific Council of the European Research Council (ERC) declared in its latest statement:

‘We are pleased that the European leaders have succeeded in reaching an agreement on the EU’s long-term budget and the Next Generation EU package. This is vital for Europe to recover after the pandemic and to thrive in the years to come.’

– ERC Scientific Council
Friday, 12 December 2020
Source: https://bit.ly/3mh4HUl

You can read more about it in the press release of the European Commission here.
Read more about the budget breakdown of Horizon Europe here.