for 1.87m per project, you get in EU rather 15 - 20 people :) (salaries are low here)

At least in France, where they have PhDs which last only 3 years, a years of PhD would cost ~45K EUR in gross salary (granted the student gets around half of that after tax), then let's say ~10K travel and consumables costs, then add up the inevitable 20% overhead costs and now you're looking at around 200K for the shortest possible frugal 3 year PhD.

I assume the largest portion will be consumables, travel, meetings etc.