German media is reporting that Intel will be receiving some €6.8 billion in subsidies for its planned Magdeburg fab. Some €2.7 billion has already been set aside for the 2022 federal government budget and the remaining money will be allocated in the 2023 and 2024 budgets. The Magdeburg member of the Bundestag, Martin Kröber, who announced the budget allocation to the local media, said that Intel’s establishment in Magdeburg should be a boost for the entire Saxony-Anhalt area.

Intel’s total investment in Magdeburg has a budget in excess of €33 billion, which means that the German government is pitching around a fifth of the total investment. That said, the first fab will only end up somewhere around the €17 billion mark, with space for a further two fabs on the location Intel has selected. Production at the new fab is estimated to begin sometime in 2027. In related news, TSMC is said to have decided on skipping Europe for the time being, largely due to lack of local customers, according to Reuters.

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