THE Majorcan Eurodeputy for the Socialist Party, Teresa Riera, yesterday confirmed that “the Balearic Islands could benefit from the Regional Development Funds (FEDER) and from the European Social Fund, thanks to being considered an island region falling within the new objectives” which will regulate the European Union financial grants. Riera said that the directives which will be applied to European Union structural funds had just been approved and in her opinion were “very favourable” to self governing regions such as the Balearics, which has been at risk of losing out on funding as Spain's subsidies will be cut. The EU is now giving priority to less developed regions, regions needing economic and social change and thirdly job training and creation, she said.
According to the Socialists, these changes “will allow the Balearic Islands access to the funds destined for territorial co-operation, as they comply with the requisites.” This includes being more than 150 kilometres from the Peninsula, Riera said.
The Balearics has reeived considerable funding from the EU, but is in danger of losing a large part of it as the EU budgets are readjusted, to provide more funding to the new poorer members and less to countries such as Spain.

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