1.   The financial envelope for the implementation of Horizon 2020 is set at EUR 77 028,3 million in current prices, of which a maximum of EUR 74 316,9 million shall be allocated to activities under Title XIX TFEU.

The annual appropriations shall be authorised by the European Parliament and by the Council within the limits of the multiannual financial framework.

2.   The amount for activities under Title XIX TFEU shall be distributed among the priorities set out in Article 5(2) of this Regulation as follows:

     (a) Excellent science, EUR 24 441,1 million in current prices;

     (b) Industrial leadership, EUR 17 015,5 million in current prices;

     (c) Societal challenges, EUR 29 679 million in current prices.

The maximum overall amount for the Union financial contribution from Horizon 2020 to the specific objectives set out in Article 5(3) and to the non-nuclear direct actions of the JRC shall be as follows:

     (i) Spreading excellence and widening participation, EUR 816,5 million in current prices;

     (ii) Science with and for society, EUR 462,2 million in current prices;

     (iii) Non-nuclear direct actions of the JRC, EUR 1 902,6 million in current prices.

The indicative breakdown for the priorities and specific objectives set out in Article 5(2) and (3) is set out in Annex II.

3.   The EIT shall be financed through a maximum contribution from Horizon 2020 of EUR 2 711,4 million in current prices as set out in Annex II.

4.   The financial envelope of Horizon 2020 may cover expenses pertaining to preparatory, monitoring, control, audit and evaluation activities which are required for the management of Horizon 2020 and the achievement of its objectives, in particular studies and meetings of experts, in so far as they are related to the objectives of Horizon 2020, expenses linked to information technology networks focusing on information processing and exchange, together with all other technical and administrative assistance expenses incurred by the Commission for the management of Horizon 2020.

Where necessary and duly justified, appropriations may be entered in the Horizon 2020 budget beyond 2020 to cover technical and administrative assistance expenses, in order to enable the management of actions not yet completed by 31 December 2020. Horizon 2020 shall fund neither the construction nor the operation of the Galileo programme, the Copernicus programme or the European Joint Undertaking for ITER.

5.   In order to respond to unforeseen situations or to new developments and needs the Commission may, following the interim evaluation of Horizon 2020 as referred to in Article 32(3) and the results of the review of the EIT referred to in Article 32(2), within the annual budgetary procedure review the amounts set out for the priorities and the specific objectives 'Spreading excellence and widening participation' and 'Science with and for society' in paragraph 2 of this Article and the indicative breakdown by specific objectives within these priorities set out in Annex II and the contribution to the EIT in paragraph 3 of this Article. The Commission may also, subject to the same conditions, transfer appropriations between the priorities and specific objectives as well as the EIT up to a maximum of 7,5 % of the total initial allocation of each priority and the specific objectives 'Spreading excellence and widening participation' and 'Science with and for society', and up to a maximum of 7,5 % of the initial indicative breakdown of each specific objective and up to a maximum of 7,5 % of the contribution to the EIT. No such transfer shall be allowed in respect of the amount set out for the direct actions of the JRC in paragraph 2 of this Article.