The prize was established by the Parliament of Norway in honour of Ludvig Holberg in 2003 and complements its sister prize in mathematics, the Abel Prize. Ludvig Holberg excelled in all of the sciences covered by the award. It has been described as the "Nobel prize" for the arts and humanities, social sciences, law and theology.
The Holberg Prize is funded by the government's budget through a direct allocation from the Ministry of Education and Research to the University of Bergen, and is administered by the University of Bergen on behalf of the Ministry of Education and Research. The Holberg Prize award ceremony takes place annually in Bergen, Norway in June.
The Prize amount is 4.5 million Norwegian kroner (approximately €500,000), which are intended to be used to further the research of the recipient.
According to wikipedia