EU LEGISLATORS AGREE ON BREXIT SUPPORT FUND
On 17 June, EU legislators reached a political agreement on the €5 billion Brexit Adjustment Reserve (BAR), which will be used to provide assistance to countries and sectors worst affected by the negative effects of the UK’s withdrawal from the EU.
The eligibility period for the BAR has been extended to cover expenditure incurred between 1 January 2020 and 31 December 2023 for measures specifically taken to mitigate the expected negative effects of Brexit. Measures that could be supported have to be specifically set up in relation to the UK’s withdrawal from the EU. Those may include, among others, support to the functioning of border, customs, health and phytosanitary controls, and support to small and medium-sized businesses.
According to the provisional agreement, three factors will be used to calculate how much money each EU country will receive from the BAR: 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. Ireland will be by far the largest beneficiary in absolute terms, followed by the Netherlands, France, Germany and Belgium.
Source: European Parliament