The aim of this thesis is to explore the impacts and risks faced by cultural heritage, analyze the connections between them and investment activities in their preservation and sustainability through the financial instruments of the European Union, and consider the effects of such investments on society and the community as well as their prosperity. A critical and comparative approach is necessary to assess the issues and motives of investing in cultural heritage through European funds, using specific countries as examples, in order to take into account the drawbacks and advantages of such financing models from practical cases. The fact is that the importance of investing in the protection and maintenance of cultural assets has gained significance in the past decade, both at the national and European levels. With the advent of new technologies and creative, interdisciplinary models of using cultural assets, it has become possible to manage them comprehensively, inclusively, purposefully, sustainably, and economically in the long term, as opposed to outdated, short-term, unsustainable, passive, and often non-existent systems of financing cultural heritage protection. The thesis identifies the risks and threats to cultural heritage and analyzes their impact on the pace of investment in the preservation of cultural heritage in order to understand their potential for survival and contribution in our future. These analyses will be complemented by an example of a project idea related to the protection of cultural heritage (mCroTours), which was developed using the Project Cycle Management methodology.