In a meeting in Holland this week, members from the European Space Agency (ESA) agreed on a new €10bn investment in their space budget. You know, the space budget - you must remember the first European on the moon?

Over the next five years, the ESA will invest the money in building new Earth observation satellites, maintaining its standing in the Guiana space station, and funding new probes out to the planets.

"Today's decisions are a further step towards giving Europe the means to respond to global challenges," wrote the ESA announcing the new budget. "The measures will further strengthen Europe's role in the development and exploitation of space applications serving public policy objectives and the needs of European citizens and enterprises."

The ministers also stressed the continued investment as being of fundamental importance to the security and standing of Europe.

"Through this meeting the ESA ministers have seized the opportunity to capitalise on the recent successes and achievements of Europe in space and to translate the political impetus into new programmes able to deliver knowledge, services and competitiveness and to shape ESA to assert itself as a global space agency, indispensable to the world in contributing to global policies," they said.

Indispensable to the world? Well, that depends on how you rate it against the current financial meltdown, the bankruptcy of several long-established household names and the thousands of jobs under threat on top of those that have already disappeared.

Does anyone else think that there might have been a better way to spend the cash? Answers on a jewel-encrusted postcard to the usual places.