The Nobel Foundation, which administers the prizes, said on Friday that this year’s Nobel Prize winners will get an additional 1 million Swedish crowns, bringing the total financial incentive to 11 million Swedish crowns ($986,000). The prize money has been changed up and down in prior years, and the award-givers announced that it would be increased this year to reflect the Foundation’s improved financial status. The Foundation lowered the prize money from 10 million crowns to 8 million crowns in 2012 in order to shore up its finances. The prize pool was increased to 9 million in 2017, and to 10 million in 2020, where it was previous to 2012.
The Nobel Prize in Physiology or Medicine will be revealed on October 2
However, the Swedish crown has lost roughly 30% of its value against the euro over the last decade, so the most recent boost in the value of the reward will not leave winners outside of Sweden feeling significantly richer. Despite a reduction in the Swedish currency total to 8 million crowns, the prizes for achievements in science, literature, and peace, which were originally awarded in 1901, were worth roughly 1.2 million USD in 2013. The Nobel Prize in Physiology or Medicine will be revealed on October 2, followed by the Nobel Prizes in Physics, Chemistry, Literature, and Peace on the following days.
