Ireland is the biggest beneficiary of the Brexit Amendment Reserve created by the European Commission. This reserve should help EU member states absorb the impact of secession from the UK. The total budget of the reserve is 5.4 billion euros.
Ireland will receive 1 billion euros from this. A decision on other budgets will be made at a later time.
European Commission spokespeople said: “The UK’s choice to leave the European Union has an impact on all parties involved.”
“The Brexit Amendment Reserve has been created to provide support to the EU member states most affected by the UK’s departure.”
“Brexit has had a negative impact on the lives of many Europeans,” said Elisa Ferreira, European Commissioner for Cohesion and Reforms. “Within the European Union, the Irish people are undoubtedly the hardest hit.”
“With the creation of the Brexit Amendment Reserve, the European Commission wants to show solidarity with the residents of member states who will suffer the most from separation from the UK.”
“Support from the fund should improve living standards, support economic growth, and mitigate negative impacts on local communities.”
This year, Ireland is expected to receive 361.5 million euros, while the country is entitled to another 276.7 million euros next year. The balance will be paid over two years.
Funds from the Brexit adjustment reserve can be used retroactively for initiatives launched since the beginning of last year.
Vivian Lonella, a spokesperson for the European Commission, stressed in a response that the program aims to provide support to the regions and economic sectors most affected by Brexit.
Among other things, the goal is to preserve and create employment opportunities. Examples include training and retraining projects for employees at risk of losing their jobs as a result of Brexit.
The European Commission also expects to be able to announce the budgets available to other affected member states in the coming weeks.
Ireland has traditionally been the largest trading partner of the United Kingdom. However, Brexit will make trade between the two countries very difficult.
Figures from the UK’s Central Statistics Office (CSO) show that in the first seven months of this year, UK exports to Ireland fell 32 per cent compared to the same period last year. In particular, a strong decrease was observed in the trade of meat and live animals.
Imported stocks must undergo administrative and physical checks on arrival in Ireland.
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