EU spends $350B in environmental protection in 2018

By Gokhan Ergocun

ISTANBUL (AA) - The European Union's member countries' expenditures reached €297 billion ($350 billion) in 2018, the 28-member-bloc's official authority said on Monday.

National expenditure on environmental protection (NEEP) of EU members has been increasing on average by 2% each year, it has soared by 22% since 2006, Eurostat stressed.

Last year, NEEP to GDP ratio was 1.9% while it was around 2% in previous years, the statistical office said, adding the decline was "mainly due to GDP contracting during the financial crisis and economic recession."

It also said spending on environmental protection has remained lower than households’ expenditure on alcoholic beverages, tobacco and narcotics in the EU.

"National expenditure on environmental protection measures the resources used by resident entities to protect the natural environment," it noted.