EU PARLIAMENT APPROVES BREXIT FUND
Earlier this week, MEPs approved the €5 billion Brexit Adjustment Reserve to help EU Member States deal with the economic, social and territorial impact of the UK’s departure from the EU. €1.6 billion will be distributed in 2021. The remaining €3.4 billion should follow in separate tranches of €1.2 billion in 2022 and 2023, followed by €1 billion in 2025 (in 2018 prices).
Measures that qualify for funding may include, among others, support to businesses, local communities, creating jobs or supporting EU citizens to re-integrate. According to the agreement, three factors will be used to calculate how much money each EU country will receive: 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 (around €1 billion), followed by the Netherlands (around €810 million), France (around €670 million), Germany (around €590 million) and Belgium (around €350 million). The provisional distribution is available here.
To finalise the legislative process and distribute the financial support, the Brexit Adjustment Reserve also has to be formally approved by the EU Council.
Source: European Parliament