On 3 May 2016, Iceland, Liechtenstein, Norway and the EU signed the agreements on the European Economic Area (EEA) and Norway Grants for the period 2014-2021

In the new funding period, a total of €2.8 billion (€1.5 billion through the EEA Grants and €1.3 billion through the Norway Grants) will be made available to 15 EU member states in Central and Southern Europe and the Baltics to reduce social and economic disparities and strengthen bilateral relations with the three donor countries.

The Czech Republic shall receive a total of €184.5 mil. The priorities for the 2014-2021 funding period reflect the major challenges facing Europe and align with EU priorities.
The consultation process on the priority sectors and programme areas started at the end of May. In upcoming months Iceland, Liechtenstein and Norway will enter into negotiations with each of the beneficiary states to agree on which areas will receive funding in each country, resulting in the signing of individual Memoranda of Understanding with each of the countries.