Reagan's 400 pound, 7-foot-tall bronze statue, at the Freedom Square in central Budapest, was erected to recognize his efforts to help free Hungary from communism.
When it was erected in 2011, Prime Minister Viktor Orban said Reagan had changed Central Europe.
"Today, we are erecting here a statue to the man, to the leader, who changed, who renewed, this world and created in it a new world for us in Central Europe — a man who believed in freedom, who believed in the moral strength of freed people and that walls that stand in the way of freedom can be brought down," Orban said.