The European Commission has approved a €920.4 million grant to Ireland under the Brexit Adjustment Reserve Fund, which was set up to improve the economic impact of the UK’s exit from the EU.
Ireland will be the biggest beneficiary of the €5.4bn emergency fund, as it is believed to have been hardest hit by the disruption to trade from the new deals.
It is also the first Member State to receive funding under the initiative.
It will receive 361.5 million euros in 2021, 276.7 million euros in 2022 and 282 million euros in 2023, with the first installment being disbursed by the end of the current year, said the committee.
In total, Ireland will receive €1.16 billion from the fund. The balance of Ireland’s allocation, estimated at €244 million, will be paid in 2025 once expenditure incurred between January 1, 2020 and December 31, 2023 has been taken into account, the Department for Public Expenditure and Development has confirmed. reform.
The department said the fund would be used to help counter the negative economic and social consequences of Brexit in areas such as business support, support for the fishing and agribusiness sectors, retraining and retraining and checks and controls in our ports and airports.
Quality of life
EU Cohesion and Reform Commissioner Elisa Ferreira said: “Brexit has had a negative impact on the lives of many people. Within the EU, it is the Irish who feel this the most. The EU’s Brexit Adjustment Reserve stands for solidarity with those most affected. Moving forward, we don’t want to leave anyone behind. The funding Ireland will receive will help improve living standards, support the country’s economic growth and mitigate negative impacts on local communities.
The committee said it expected to adopt decisions on the Brexit adjustment reserve for other member states in the coming weeks; 20%, or €1 billion, will be made available in 2025. This will be shared between Member States according to how the funds have been spent in previous years and also taking into account unused amounts.
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