CNN has reported that the Nobel prize amounts will be cut by 20 percent this year. The prize winnings, which tallied approximately $1.4 million in 2011, will be reduced to approximately $1.1 million in 2012.

The cuts were implemented to preserve the Nobel Foundation's long-term capital. Lars Heikensten, executive director of the Nobel Foundation, released a statement saying, "The Nobel Foundation is responsible for ensuring that the prize sum can be maintained at a high level in the long term. We have made the assessment that it is important to implement necessary measures in good time."