The effort is being led from the German space agency's Institute of Planetary Research in Berlin, and had its kick-off meeting this week. It's likely that NEOShield will, at the end of its three-and-a-half-year study period, suggest to the politicians that they launch a assignment to demonstrate the necessary technology.
New telescopes are coming that will significantly improve detection success. In the meantime, the prudent course would be to develop a strategy for the inevitable. About every 2,000 years or so, an object the size of a football field will impact the Earth, causing significant local damage. The latest estimates point to that we've most likely found a little over 90% of the true monsters out there and none look like they'll hit us.