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European Union Releases $16.4 Billion Aid To Hungary After Rapid Reforms Led By Peter Magyar
Posted
May 30, 2026
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717
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May 30, 2026
717
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3:56Now PlayingThe European Union will unlock 16.4 billion euros ($19.1 billion) in funds for Hungary after recently elected Prime Minister Péter Magyar enacted rapid reforms to roll back the democratic backsliding that occurred under his predecessor Viktor Orbán.
The release of the funds was a stunning signal of Brussels’ embrace of the new government in Budapest after 16 years of rule by Orbán, who allied with Moscow and antagonized the EU. The agreement, announced during a press briefing in Brussels on Friday by European Commission President Ursula von der Leyen, capped off weeks of negotiations between Magyar’s government and the EU to release the crucial funding that is badly needed by Hungary’s slumping economy.
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