The European Parliament has approved funding of €7 billion for the development of satellite navigation programs.

The funding will provide resources for projects between 2014 and 2020, with the development of satellite navigation programs by the EU providing significant economic opportunities for businesses as well increased overall accuracy for satellite users.

The satellite programs project is, according to Industry Commissioner Antonio Tajani, is expected to deliver around €90 billion to the European economy over the next 20 years.