The COVID‐19 pandemic is having severe consequences for cancer patient care. Cancer patient screening and referrals are being delayed, ongoing clinical trials are being brought to a halt, and new ones are not being approved. Guidelines and clinical recommendations for cancer patients have already been laid out. However, the cancer‐related effect of the pandemic is not restricted to patient care alone, but has spread to cancer research funding – the two aspects being inextricably linked.

National research budgets across Europe are threatened by cuts following the economic damage caused by the pandemic. European Union (EU) leaders budget of Horizon Europe — the research and innovation framework of the EU for the period of 2021–2027 — down to 84.9 billion Euro, a significant reduction compared to the original 94.4 billion Euro proposal put forward by the commission in May. The European Research Council (ERC), the funding body that promotes excellence in research (including high‐risk high‐reward cancer research), will also be largely affected by such cuts, with potential long‐term consequences for cancer research and cancer treatment.

But not all funding for cancer research comes from governments and the EU. In Europe, cancer charities provide funds for cancer research, in addition to their roles in supporting patients more directly. So, how have charities that support cancer research funding been affected? What challenges are they currently being faced with, and what strategies will help them to survive within a pandemic‐disrupted cancer research – cancer care ecosystem? We contacted European cancer charities to collect data and perspectives on the pandemic‐associated economic blow sustained so far, with a special focus on consequences for cancer research funding. Whilst several organizations are still gathering data and planning their next steps, this article summarizes emerging evidence on the impact of the COVID‐19 pandemic on European cancer charities. In addition, we highlight the need for innovative approaches and reciprocal action to maintain a high standard of cancer research.