EU provides 1.2 billion euros for European cloud computing project

The European Union has just paved the way for a huge investment project, namely the "IPCEI Next Generation Cloud Infrastructure and Services" (IPCEI CIS) project, which is mainly supported by the following seven European countries: France, Germany, Hungary, Italy, Netherlands, Poland and Spain.

The EU is spending up to 1.2 billion euros to develop European cloud infrastructure. At the same time, a further 1.4 billion euros will be injected via private investments, supported by state financing.

The economy of the entire EU will likely benefit from the project and see gains in innovation and efficiency. Around 1000 new jobs are expected to be created very soon, with a further 5000 jobs to be added as the project evolves. Data and AI specialists in particular will count among the first employees.

It is also interesting to note that some of the public start-up funding will be paid back privately as soon as the project proves to be profitable. The exact nature of the contracts has not yet been disclosed. The first results of the project are planned for 2027, but in what form is again unknown.

To date, the cloud business has been mainly dominated by three US companies: Amazon, Microsoft and Google. As it currently stands, 19 companies will take part in the European cloud project, including industry giants such as Deutsche Telekom and SAP, but also companies from other participating countries, especially from the telecommunications industry.