Ireland will receive just over €1bn from the EU’s Brexit fund, the biggest single allocation for any member state, representing just over 20% of the total fund.
In tandem with striking a trade deal, the EU announced a €5bn Brexit Adjustment Reserve (BAR) to support regions and businesses worst affected by the UK’s decision to leave the EU.
Since then, the proposal has been the subject of intensive negotiations between member states and the European Parliament, which have now concluded with a preliminary agreement.
Minister for Public Expenditure and Reform Michael McGrath has welcomed the agreement.
"We are still understanding the impact of Brexit, as its effects continue to unfold, but funding under the BAR will ensure we can support business, the agri-food sector, our fishing communities and our wider Brexit response,” Minister McGrath said.
Allocations
The total allocation for each sector, including agriculture, from the €1bn pot will be determined nationally.
Ireland will be by far the largest beneficiary in absolute terms, followed by the Netherlands, France, Germany and Belgium.
The three factors used to calculate how much money each country receives from the BAR were: the value of fish caught in the UK exclusive economic zone, the importance of trade with the UK and the population of maritime border regions with the UK.
The EU will issue the full €5bn in four stages, the soonest of which, a first instalment of €1.6bn, will be available by December 2021.
Two other tranches of €1.6bn will be paid at the beginning of 2022 and 2023.
The remaining €1bn will be paid in 2025. It will be shared among member states, depending on how the funding has been spent in the previous years.
Supports
The measures to be supported by the BAR include:
Support to businesses, the self-employed such as farmers, and local communities.Investments in job creation and reintegration in the labour market, including short-term work programmes, retraining and training courses.Support to help citizens returning from the UK as a consequence of Brexit to reintegrate.Support to the functioning of border, customs, health, phytosanitary and security controls, fisheries controls, certification and licensing schemes.The preliminary agreement has to be endorsed by the two institutions, before the funds can begin to flow.
Ireland will receive just over €1bn from the EU’s Brexit fund, the biggest single allocation for any member state, representing just over 20% of the total fund.
In tandem with striking a trade deal, the EU announced a €5bn Brexit Adjustment Reserve (BAR) to support regions and businesses worst affected by the UK’s decision to leave the EU.
Since then, the proposal has been the subject of intensive negotiations between member states and the European Parliament, which have now concluded with a preliminary agreement.
Minister for Public Expenditure and Reform Michael McGrath has welcomed the agreement.
"We are still understanding the impact of Brexit, as its effects continue to unfold, but funding under the BAR will ensure we can support business, the agri-food sector, our fishing communities and our wider Brexit response,” Minister McGrath said.
Allocations
The total allocation for each sector, including agriculture, from the €1bn pot will be determined nationally.
Ireland will be by far the largest beneficiary in absolute terms, followed by the Netherlands, France, Germany and Belgium.
The three factors used to calculate how much money each country receives from the BAR were: the value of fish caught in the UK exclusive economic zone, the importance of trade with the UK and the population of maritime border regions with the UK.
The EU will issue the full €5bn in four stages, the soonest of which, a first instalment of €1.6bn, will be available by December 2021.
Two other tranches of €1.6bn will be paid at the beginning of 2022 and 2023.
The remaining €1bn will be paid in 2025. It will be shared among member states, depending on how the funding has been spent in the previous years.
Supports
The measures to be supported by the BAR include:
Support to businesses, the self-employed such as farmers, and local communities.Investments in job creation and reintegration in the labour market, including short-term work programmes, retraining and training courses.Support to help citizens returning from the UK as a consequence of Brexit to reintegrate.Support to the functioning of border, customs, health, phytosanitary and security controls, fisheries controls, certification and licensing schemes.The preliminary agreement has to be endorsed by the two institutions, before the funds can begin to flow.
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