Ireland largest beneficiary from Brexit Adjustment Reserve

| January 13, 2021 | 0 Comments

By EU Reporter Correspondent

The European Commission has published the allocation of pre-financing under the Brexit Adjustment Reserve, the allocation takes into account the relative degree of economic integration with the UK, and the negative implications on the EU fisheries sector. The fund will help counter the adverse consequences arising from the end of the UK’s transition period at the end of 2020.

The largest beneficiary will be Ireland (€1,051.9 million), followed by the Netherlands (€757.4m), Germany (€455.4m), France (€420.8m), Belgium (€324.1m), Denmark (€247.9m).The allocation reflects the needs of those most affected by the new relationship with the UK. While a crisis was averted by the free trade agreement, the new arrangements impose new red tape and barriers for many sectors. The allocation will help assist public administrations in the proper functioning of border, customs, sanitary and phytosanitary controls and to ensure essential services to the citizens and companies affected.

The Brexit Adjustment Reserve will cover expenditure in any over a period of 30 months and will be distributed in two rounds. The vast majority of the €5 billion is allocated in this first round, a smaller tranche of additional support will be distributed in 2024, in case the actual expenditure exceeds the initial allocation.

The Reserve can support measures such as: support to economic sectors, businesses and local communities, including those dependent on fishing activities in the UK waters;support to employment, including through short-time work schemes, re-skilling and training; ensuring the functioning of border, customs, sanitary and phytosanitary and security controls, fisheries control, certification and authorization regimes for products, communication, information and awareness raising for citizens and businesses.

Source:: EU Reporter Feed

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