Add management and other overhead: €100k
Overhead from "international consortium of members from 10 EU countries": €500k
I'm just making up numbers here, but this is roughly how it usually works. A lot of these EU projects are huge "design by committee" efforts, with all the associated downsides.
It's not really a "EU thing though", but more of a "government thing". Or perhaps more accurately: "private companies doing work for government" thing. Defence contractors in the US are notorious for having their snout in the trough. How much was spent on that UK Post Office accounting system? A billion pounds IIRC? And that "contact tracing" COVID app that didn't even work was a few dozen million quid IIRC. There is an endless list of examples from many countries.