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EU’s post-Brexit fund: Ireland to receive fund of €1 billion

European Union’s Brexit fund will be allowing €1 billion to Ireland. This fund is set up to help member states most affected by Britain’s departure from the bloc.

Minister for Foreign Affairs Simon Coveney made the announcement recently. The EU leaders last year agreed to a Brexit Adjustment Reserve, which worth €5 billion and the fund is a part of that.

In a statement yesterday , Mr Coveney said “I’m pleased to announce that a proposal has been made tonight on the Brexit Adjustment Reserve. The BAR is valued at €5.4 billion (€4.2 billion in 2021 & €1.1 billion in 2024),”

“Ireland’s initial proposed allocation for 2021 is €1.051 billion or 25% of the fund.”

He hope the European Parliament and Council will now approve as the country continue to work through Brexit, he added.

According to the reports, €600 million from the fund is to be made available for European fishing communities hit by Brexit.

EU/UK Trade and Cooperation Agreement (TCA) concluded on Christmas Eve will be having a great negative impact on the fishing industry.

The EU has agreed to cede some 25% of the value of fish quota caught by EU boats in UK waters over a five-and-a-half-year adjustment period. 

Through pre-financing, the Brexit Adjustment Reserve will be paid out in 2021.

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