The first PEACE Programme (PEACE I), known as the Special Support Programme for Peace and Reconciliation in Northern Ireland, was agreed by the European Commission on 7th December 1994 . The aim of the Programme was to show the European Union’s solidarity with the people of Northern Ireland and the border counties of Ireland in their search for peace and reconciliation. It was created as a partnership between the European Commission, the governments of Ireland and the United Kingdom, and was based on the findings of a European Commission Taskforce set up to look at ways of giving practical assistance to the people of Northern Ireland and the border counties of Ireland. 

The initial funding provided (€300 million) was subsequently increased to €500 million and brought the Programme up to the end of 1999. In four successive Programmes (PEACE I, PEACE II, PEACE III and PEACE IV) from 1995 to the end of 2020 almost €2.3billon has been allocated to fund 22,500 projects across the eligible area of Northern Ireland and the border counties of Ireland. Of this, €1.6 billion came from the European Commission, and the remaining €0.7 billion, from the government of Ireland and the Northern Ireland Executive. 

In 1999 the Special EU Programmes Body (SEUPB) was set up with responsibility for the management of the PEACE Programmes on behalf of the governments of Ireland and the United Kingdom and in close collaboration with the European Commission.