Emotions are an important part of most societal dynamics. As with face to face meetings, Internet exchanges may not only include factual information but may also elicit emotional responses; how participants feel about the subject discussed or other group members. The development of automatic sentiment analysis has made large scale emotion detection and analysis possible using text messages collected from the web. We present results of two years of studies performed in the EU Large Scale Integrating Project CYBEREMOTIONS (Collective emotions in cyberspace) Our goal is to understand the role of collective emotions in creating, forming and breaking-up ICT mediated communities and to prepare the background for the next generation of emotionally-intelligent ICT services. Project results have already attracted a lot of attention from various mass media and research journals including the Science and New Scientist magazines. Nine Project teams are organised in three layers (data, theory and ICT output).