Imagine what would happen if the EU pledged 340 million Euro to database research! Or at any of the great peer-to-peer networks out there. Or at something like Git. Think of all the fascinating new technologies we'd get. But instead they're going to throw money at the goddamn blockchain.
However, I agree that the EU not take away 340 million from its citizens to spend it on that kind of research. Generally, top-down works very poorly in science and the EU should let the individual countries decide for themselves how the fund their universities.