EU Council president, Charles Michel is proposing the creation of a €5bn Brexit adjustment reserve fund to help offset the costs of Brexit in countries and sectors most damaged by Brexit.

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Irish agriculture would undoubtedly qualify, especially the beef sector but so too would several other sectors in EU countries ranging from German cars to Dutch flowers and Belgian chocolates.

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The move was welcomed by IFA president Tim Cullinan, saying that the IFA has always said there would have to be a dedicated EU Brexit contingency fund to deal with all scenarios, up to a no-deal outcome, as it would devastate the agriculture sector.