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EU Plans to Spend Billions on Satellite Fleet to Rival Musk

  • Project will cost 6 billion euros in public and private funds
  • Satellites could boost cybersecurity, broadband access
Elon Musk 

Elon Musk 

Photographer: Jim Watson/AFP/Getty Images

The European Union revealed its most detailed plans yet for a low-earth orbit satellite system worth billions of euros aimed at delivering secure communications for the bloc. 

The project will cost an estimated 6 billion euros ($6.8 billion) in both public and private money. The European Commission plans to spend 2.4 billion euros from its budget, while the rest would come from EU countries and industry.