This year’s Nobel laureates will receive an additional million kroner, bringing the total financial award to 11 million Swedish kroner ($986,000), the Nobel Foundation, which administers the prize, announced.

Those who present the awards said they were increasing the amount this year to reflect the foundation’s stronger financial position, News.ro reported, citing Reuters.

“The foundation has decided to increase the value of the award because it is financially beneficial,” it said in a brief statement.

The rapid depreciation of the Swedish currency sent it to an all-time low against the euro and the US dollar. Sweden is experiencing high inflation, at 7.5% in August, compared to 9.3% in July, well below the 2% target set by the Riksbank, Sweden’s central bank.

When the first Nobel Prizes were awarded in 1901, the prize money was 150,782 crowns for each category, the Foundation said.

When are the Nobel Prizes awarded?

According to her, over the past 15 years, the amount has been adjusted several times. In 2012, it was reduced from 10 million kroner to 8 million kroner, in the context of which a broad program of financial consolidation of the Nobel Foundation was launched. In 2017, the value of the prize was increased from 8 million kroner to 9 million kroner. In 2020, it was increased to 10 million crowns.

This year’s Nobel Prize laureates will be announced in early October. Laureates are then invited to receive their awards at award ceremonies on December 10, the day the founder of the Nobel Prize, Alfred Nobel, died in 1896. The prestigious peace prize is awarded in Oslo, as Nobel wanted, while other award ceremonies take place in Stockholm.

Sweden is not part of the Eurozone. 20 years ago, the Swedes organized a referendum on joining the European currency and voted “against”.