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Thursday, October 07, 2010

German Gov Report: Galileo Will be Late and Way Over Budget

According to a report by the German government, which has been seen by the Financial Times Deutschland, Brussels now calculates that the project will face further delays and cost €1.5 billion-€1.7 billion ($2 billion-$2.3 billion) extra. On Thursday, the paper reported that the European Commission also expects the system to make losses in the long term.

That means it will be 10 years late (2017) and EU will need to subsidize it up to of €750 million per year.
- Spiegel Online

by Adena Schutzberg on 10/07 at 08:02 AM | Comments | Bookmark and Share

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