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Brexit Adjustment Reserve: Commission approves €920.4 million pre-financing for Ireland

The European Commission has adopted the decision to allocate funding from the Brexit Adjustment Reserve to Ireland, for a total of €920.4 million. Ireland is the biggest beneficiary of the Brexit Adjustment Reserve and the first Member State to receive its pre-financing. This funding will help Ireland's economy in mitigating the impact of Brexit, through support to regions and economic sectors, including on job creation and protection, such as short-time work schemes, re-skilling, and training.

Commissioner for Cohesion and Reforms, Elisa Ferreira, yesterday said:

Brexit has had a negative impact on many people's lives. Within the EU, it is the people in Ireland who feel it the most. The EU's Brexit Adjustment Reserve stands for solidarity with those most affected. In moving forward, we don't want to leave anyone behind. The funding that Ireland will receive will contribute to improve living standards, support economic growth in the country and mitigate the negative impacts in local communities. 

Ireland will receive €361.5 million in 2021, €276.7 million in 2022 and €282.2 million in 2023. The funding can cover expenses since 1 January 2020. 

Next steps

The Commission will disburse the first instalment of the pre-financing to Ireland by the end of the current year. The Commission expects to adopt Brexit Adjustment Reserve decisions for the other Member States in the coming weeks.

Click here for the full press release

 

Original article link: https://ec.europa.eu/commission/presscorner/detail/en/IP_21_6569

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