Ireland to Receive €920.4 million from Brexit Adjustment Reserve

Ireland to Receive €920.4 million from Brexit Adjustment Reserve

The European Commission has adopted the decision to reserve €920.4 million in funding for Ireland as part of the Brexit Adjustment Reserve.

Ireland is set to be the biggest beneficiary of the Brexit Adjustment Reserve and the first Member State to receive its pre-financing. The Brexit Adjustment Reserve totals €5.4 billion and has been put in place to support all Member States while ensuring a strong concentration on those most affected.

This funding will be allocated to help Ireland’s economy in mitigating the impact of Brexit. Plans are in place for the Commission to adopt Brexit Adjustment Reserve decisions for the other Member States in the coming weeks. The Reserve will support measures specifically set up in relation to the withdrawal of the UK from the Union including:

  • Support to economic sectors, business and local communities, and organisations, including small-scale coastal fisheries dependent on fishing activities in the UK waters
  • Support to job creation and protection, including through short-time work schemes, re-skilling and training
  • Measures aimed at the re-integration of Union citizens and those with the right to live in the EU, who left the United Kingdom, as a result of Brexit
  • Ensuring the functioning of border, customs, sanitary and phytosanitary and security controls, fisheries control, certification and authorisation regimes
  • Measures for communication, information and awareness raising of citizens and businesses about changes to their rights and obligations stemming from Brexit

In a statement issued today, Elisa Ferreira, Commissioner for Cohesion and Reforms, said, “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 EU’s Brexit Adjustment Reserve stands for solidarity with those most affected. In moving forward, we don’t want to leave anyone behind. The funding that Ireland will receive will contribute to improve living standards, support economic growth in the country and mitigate the negative impacts in local communities.”

Ireland will receive €361.5 million in 2021, €276.7 million in 2022 and €282.2 million in 2023. The funding can cover expenses since 1 January 2020.

The Commission will disburse the first instalment of the pre-financing to Ireland by the end of this year.

Image by Anthony Beck/via pexels.com/https://www.pexels.com/license/

Antoinette Tyrrell is a writer and journalist who started her career in print and broadcast journalism in Ireland. An English and History graduate of the National University of Ireland, Maynooth, she worked for 11 years in corporate public relations for Irish Government bodies in the Foreign Direct Investment and Energy sectors.

She is the founder of GoWrite, a business writing and public relations consultancy. Her work has appeared in a range of national and international media and trade publications. She is also a traditionally published novelist of commercial fiction.

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