Since 2011 FarGen has been allocated an appropriate on the Faroese national budget. In addition, the Danish Parliament granted DKK 10 million to sequencing the genomes of the first 1,500 Faroese people over a two-year period up to autumn 2017. In 2018 the Danish Parliament granted additionally DKK 3 million to FarGen.

Work is underway to secure the funding needed to generate a Faroese reference genome. In future, the main sources of funding for FarGen’s activities are expected to be research grants, private companies and other investors. However, the Human Genetics Research Act stipulates that ownership of the data cannot under any circumstances be sold or transferred.