EU’s Galileo satnav system orbiting way past budget, delayed until 2017

Up and running by 2014 ? Try 2017 at the very earliest. Such is the bogus news coming out of the European Commission today, as reported by the German Financial Times . Shockingly enough, the ill-organized Galileo navigation network has suffered from yet more delays, which have pushed it back by a further three years and even deeper into the budgetary red. An additional €1.5b to €1.7b will be required to complete the grand project, while fiscal recalculations now indicate that it’s unlikely to ever turn a profit. Again, we are shocked. The total bill for European taxpayers is estimated to amount to somewhere in the region of €20 billion ($27.8b) when development, construction, and operation are all factored in. Ah well, it’s a cash drain, but at least it’ll divert funds from the EU’s suicidal scheme of paying farmers to not farm. Every cloud has a silver lining, right? EU’s Galileo satnav system orbiting way past budget, delayed until 2017 originally appeared on Engadget on Thu, 07 Oct 2010 06:37:00 EDT. Please see our terms for use of feeds . Permalink

Posted by on October 7, 2010. Filed under News, Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry