As one disaster unfolded after another during the financial crash, they used to say that it was not a big number unless it began with a “T”. However, I think that €48 Billion is a VERY big number and I attach a European Commission Press Release dated 12th June indicating that the EU and the EIB are joining forces to support up to €48 Billion in R&I investment - http://europa.eu/rapid/press-release_IP-14-670_en.htm.
This is a huge capital injection for research and innovation even if it is spread across the whole of the EU and is part of the Horizon 2020 Project which means that it must last until 2020. It looks as if €2.7 Billion will be available to early stage venture capital funds supporting innovation and much more should be made available through the banking system by way of loans and guarantees.
Like everything else in Europe, it is expressed in very opaque language and the prizes will go to those who understand the rules and know how to play the game.