The European Commission formally accepted on behalf of the European Union the Nobel Peace prize money which is approximate of €930,000. Moreover, the European institution confirmed that the prize money will be allocated to projects that support children affected by war and conflicts.

Nobel Peace prize money, that was granted to the European Union in 2012 for over six decades' contribution to the advancement of peace and reconciliation, democracy and human rights in Europe, will be allocated to support children affected by war and conflicts. The European Commission officially accepted the prize money worth for approximate €930,000, and it highlighted that in the coming weeks, it will decide on the details of the project, including the precise terms of reference, beneficiaries' selection process and legal and budgetary aspects. On 14 November, the EU also announced that four European children will have the opportunity to join the EU delegation in the Nobel Peace prize ceremony to be held in Oslo.

European institutions agreed that the prize money should be allocated to projects that support children affected by war and conflicts. President Barroso and Presidents Van Rompuy and Schulz underlined that since children are the future of any society and at the same time among the most vulnerable, the peace dividend the European Union is receiving should be "invested" in those children who are the victims of violent conflict.

The Nobel Peace Prize consists of an amount of SEK 8 million -approximate of €930,000, a medal and a diploma. The medal and the diploma will be kept by the European Union institutions on behalf of the European Union.