Source: European Parliament
The European Regional Development Fund (ERDF) is one of the main financial instruments of the EUʼs cohesion policy. It was created in 1975 with the purpose of contributing to reducing disparities between the levels of development of European regions and to improving living standards in the least-favoured regions. Particular attention is paid to regions that suffer from severe and permanent natural or demographic disadvantages, such as the northernmost regions, which have very low population densities, and island, cross-border and mountainous regions.