Grants from the European Union to Iceland have been cut by ISK 3.8 billion (USD 32 million, EUR 24 million) or from ISK 5.3 billion down to ISK 1.5 billion.
The IPA (Instrument for Pre-Accession Assistance) grants were suspended after the new Icelandic government announced that it would put membership talks on hold.
The Icelandic government had been ready to allocate the funds to those projects which preparation had begun. Those grants which were earmarked in 2011—valued at ISK 1.5 billion—and for which agreements had been signed, are likely to still be paid out, ruv.is reports.
Related:
25.06.2013 | EU Grants to Iceland on Hold
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