Ireland is set to be awarded more than €1 billion as part of a European Union fund to offset the impact of Brexit.
The first €4.2 billion of the €5.4 billion fund is due to be distributed this year and Ireland will receive 25 per cent, subject to approval by EU heads of state and the European Parliament, Minister for Foreign Affairs Simon Coveney said in a Twitter post.
A proposal has been made on the #Brexit Adjustment Reserve. The BAR is worth €5.4bn (€4.2bn in 2021 & €1.1bn in 2024)
Ireland’s initial proposed share in 2021 is €1.05bn, 25% of the fund.
I hope the European Parliament & Council approve as we work through #Brexit.
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— Simon Coveney (@simoncoveney) January 12, 2021
“Ireland’s initial proposed share in 2021 is 1.05bn euros, 25% of the fund,” Mr Coveney said. “I hope the European Parliament & Council approve as we work through Brexit.”
The fund was established last year as part of the negotiations on the EU Recovery Fund, which has been set up in response to the pandemic.
Designed to assist countries worst affected by the UK’s departure from the EU, Ireland was always expected to be a significant beneficiary of the Brexit fund.
In addition to the allocation for this year, more money is likely to be received in 2024 when the remainder of the fund is allocated.
Among other things, it is designed to help regions and communities dependent on fishing in UK waters. Ireland will lose up to 15 per cent of its EU quota arising from Brexit.
The fund is designed to support sectors with short-time work schemes, re-skilling and training, as well as supporting efforts to ensure the functioning of border, customs and other controls, authorisation and security.
