This study investigates the relationship between scholarly journal publishing and public funding, specifically concerning the context of small- and mid-sized journal publishers in European countries. As part of the movement towards open science, an increasing number of journals globally are free to both read and publish in, which increases the need for journals to seek other resources instead of subscription income. The study includes two separate components, collecting data separately for each European country (including transcontinental states): (1) the volume and key bibliometric characteristics of small- and mid-sized journal publishers and (2) information about country-level public funding mechanisms for scholarly journals. The study found that there are 16,387 journals from small- and mid-sized publishers being published in European countries, of which 36 per cent are already publishing open access. There is a large diversity in how countries reserve and distribute funds to journals, ranging from continuous inclusive subsidies to competitive grant funding or nothing at all.