"The board of directors of the Nobel Foundation decided at its meeting on September 14th that the 2017 Nobel Prize will amount to 9 million kronor ($1.1 million) per prize category," the private institution based in Stockholm said in a statement, one week before the announcement of the 2017 Nobel prizes begins.
In 2012, the cash award was reduced by 20 percent to 8 million kronor from the 10 million kronor which had been awarded since 2001 in order not to put the foundation's capital at risk long term, it said at the time.
"Although continued actions will be needed in order to strengthen the Foundation's finances on a long-term basis, the situation is now regarded as having stabilized," the Nobel Foundation said on Monday.
The monetary award given to the Nobel laureates comes from the fund left by the prizes' founder, Alfred Nobel, a Swedish scientist who invented dynamite.
The Nobel prize for medicine, traditionally the first one awarded each year, will be announced on October 2nd, followed by physics and chemistry over the next two days. As usual, The Local will be reporting live from the announcements in Stockholm, starting our live blog shortly after 10am on Monday.
The Nobel Peace Prize will be revealed on October 6th. No date has been set yet for the literature prize.