The European Commission has approved the funding of the Brexit Adjustment Reserve, which will see €920.4 million go to Ireland to cope with the economic after-effects of the UK’s departure from the EU.
Ireland is set to receive the largest share of the fund, which totals €5.4 billion, as it has been judged to have been most impacted by the events of recent years. The money is intended to offset the disruption of Brexit in areas such as fishing, customs, businesses and training, amongst others.
The country will be the first EU member state to receive funding as part of the scheme, the first instalment of which will come in at €361.5 million and will be paid out by the end of the year.
This will be followed by €276.7 million in 2022 and €282 million in 2023. The programme covers the period 2020-2023, so the remainder of the funds will be distributed after this point, meaning the total subsidy received by Dublin will be €1.16 billion.
“The EU’s Brexit Adjustment Reserve stands for solidarity with those most affected”, siad Elisa Ferreira, EU Commissioner for Cohesion and Reforms. “Brexit has had a negative impact on many people’s lives. Within the EU, it is the people in Ireland who feel it the most.”
“The funding that Ireland will receive will contribute to improving living standards, support economic growth in the country and mitigate the negative impacts in local communities”, she added.
The Commission is set to adopt funding decisions for other countries in the upcoming weeks.
(Molly Killeen | EURACTIV.com)