The Government is finalising a Brexit support package worth in the region of €400m for farmers, the Irish Farmers Journal understands.

A meeting between Minister for Agriculture Charlie McConalogue and Minister for Public Expenditure Michael McGrath is due to take place on Thursday to hammer out the final details of the support for farmers.

The €400m package is understood to be aligned to an impact assessment carried out by Teagasc showing the impact of Brexit on farm incomes.

Minister McConalogue has told this newspaper that “direct support will be targeted at farmers”.

Meanwhile, Minister for Foreign Affairs Simon Coveney told the Irish Farmers Journal that he is confident that Ireland will be “first in the queue” to access the EU’s €5bn Brexit adjustment fund.