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Cóir Date: 19.11.2010 The EU's Galileo Project is expected to take longer to build and cost much more than originally expected. Many newspapers across Europe including Ireland’s News of the World has covered stories on this revelation.
It is claimed Brussels expects the project to make losses in the long term. The EU had proud intentions of building its own alternative to the GPS navigation system that America boasts but could carry with it heavy financial constraints to the European taxpayer in a time when they are already feeling the pinch in their pockets.
This projects warrants to use of around thirty satellites and is set to have its first satellites in position next year and have the job completed in 2018 which is 10 year behind schedule.
The eventual costs are estimated at around €2 billion. According to the German Financial Times, "All in all, it is assumed, based on the currently available estimates, that the operating costs will exceed direct revenues, even in the long term." They also anticipate that the EU would have to spend a further three quarters of a billion euro per year to finance it.
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