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Ireland to receive largest share of EU Brexit fund

DUBLIN: Ireland is the largest beneficiary of the €5 billion European Union Brexit Fund, followed by the Netherlands, France, Germany, and Belgium.

Ireland will receive €1 billion from the Brexit Adjustment Reserve (BAR), which is aimed at countries and industries most affected by the UK’s exit from the EU.

The EU calculated how much each member country should pay from the BAR based on three factors: the importance of trade with the UK, the importance of fisheries in the UK exclusive economic zone, and the population living in maritime regions bordering the UK.

The agreement must be finalised with the approval of the Portuguese Presidency of the Council and negotiators from the European Parliament. This is expected to happen soon.

Finance Minister Paschal Donohoe welcomed the preliminary agreement reached between the European Union Council and the European Parliament. “It is very welcome that agreement on the Brexit Adjustment Reserve was reached so swiftly with the European Parliament,” he said.

“This underlines the importance of the Brexit Adjustment Reserve as an instrument to support member states in managing the impact of Brexit,” Minister Donohoe added.

Public Expenditure and Reform Minister Michael McGrath also welcomed the agreement. Miguel McGrath said the large contribution was a testament to the support and solidarity that Ireland has received from the European Union, which has been a member of the European Union for more than five decades.

The Minister said the fund would benefit those affected by Brexit in terms of employment, businesses, local communities, and those working in the fishing industry.

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