This site uses cookies. By continuing to use this site you agree to our use of cookies. To find out more, see our Privacy and Cookies policy.
Skip to the content

Share this

Free weekly newswire

Sign up to receive all our latest news direct to your inbox.

Physics on film

100 Second Science Your scientific questions answered simply by specialists in less than 100 seconds.

Watch now

Bright Recruits

At all stages of your career – whether you're an undergraduate, graduate, researcher or industry professional – can help find the job for you.

Find your perfect job

Physics connect

Are you looking for a supplier? Physics Connect lists thousands of scientific companies, businesses, non-profit organizations, institutions and experts worldwide.

Start your search today


Nobel prizes and the credit crunch

Future winners may have to do with less

By Michael Banks

You could say physicists have much to be gloomy about these days with the Science and Technology Facilities Council in the UK cutting funding for projects to patch up its budget and scientists in Japan bracing themselves for deep cuts to the country’s science budget next year.

And now future winners of the Nobel prizes could end up feeling short changed if the Nobel Foundation, which manages the finances of the prizes, cuts the amount of money it dishes out every year.

The Foundation announced at the weekend that it might cut the $1.5m it hands out for each of the six prizes awarded each year. The reason, it says, is the credit crunch and the impending recession, which has led to losses in the foundation’s assets.

Indeed, when the credit crunch struck in 2008 the foundation’s assets lost nearly one-fifth and since then has only slightly recovered. “We have sailed the storm, but have taken on some water,” said Michael Sohlman, executive director of the Nobel Foundation, at a press conference.

So as this year’s Nobel prize winners — including US president Barack Obama who won the Nobel Peace Prize — attend the awards ceremony in Stockholm on Thursday, future winners may have to do with less.

This entry was posted in General. Bookmark the permalink.
View all posts by this author  | View this author's profile

One comment to Nobel prizes and the credit crunch

  1. Ender

    Blame the Nobel prizes in Economy, who were unable to prevent the financial crisis :-)
    I guess most people won’t mind a financially devaluated prize, so long as they get it.


  • Comments should be relevant to the article and not be used to promote your own work, products or services.
  • Please keep your comments brief (we recommend a maximum of 250 words).
  • We reserve the right to remove excessively long, inappropriate or offensive entries.

Show/hide formatting guidelines

Tag Description Example Output
<a> Hyperlink <a href="">google</a> google
<abbr> Abbreviation <abbr title="World Health Organisation" >WHO</abbr> WHO
<acronym> Acronym <acronym title="as soon as possible">ASAP</acronym> ASAP
<b> Bold <b>Some text</b> Some text
<blockquote> Quoted from another source <blockquote cite="">IOP</blockquote>
<cite> Cite <cite>Diagram 1</cite> Diagram 1
<del> Deleted text From this line<del datetime="2012-12-17"> this text was deleted</del> From this line this text was deleted
<em> Emphasized text In this line<em> this text was emphasised</em> In this line this text was emphasised
<i> Italic <i>Some text</i> Some text
<q> Quotation WWF goal is to build a future <q cite="">
where people live in harmony with nature and animals</q>
WWF goal is to build a future
where people live in harmony with nature and animals
<strike> Strike text <strike>Some text</strike> Some text
<strong> Stronger emphasis of text <strong>Some text</strong> Some text