The European Commission has just completed its mid-term review of the EU's Galileo satellite navigation system and -- surprise, surprise -- they found that they need an additional €1.9 billion ($2.56 billion) to finish the system. This latest budget recommendation ups the cost an extra €200 million ($269 million) since the Commission's last report, and cites larger development and more expensive launch vehicles for the increase. The EU remains optimistic that Galileo will provide a financial windfall when completed -- but given its estimated €800 million ($1 billion) per year operating costs, constant delays, and competition from Russia, China, and good old-fashioned GPS, we're not so sure we agree.

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EU's Galileo sat-nav system's budget overruns continue, European Commission asks for an extra €1.9 billion