“Forget extinction, Erasmus doubled,” headlines Il Sole 24 Ore. The European university student exchange program, which risked being cancelled after running out of money in 2012, received a fresh boost on November 7 with the announcement of a deal between the culture committee of the European Parliament and the European Council for the funding of an Erasmus+ plan.

Under the terms of the deal €14bn will be made available to the program between 2014 and 2020, 40 percent more than in the previous seven-year budget. This should double the number of students involved, taking the total number to five million. Erasmus+ will also provide internships abroad for under-30s who are not enrolled in university and loans for graduate students.

The news will likely be welcomed by celebrations especially in southern Europe, where the program, which recently turned 25, “is considered the cheapest and more accessible way to gain experience outside national borders,” notes the economic daily.