A Fine Gael TD has hailed the approval of the allocation of almost €1 billion to Ireland under the Brexit Adjustment Reserve by the European Commission.
This is a clear display of European solidarity in action, according to Fine Gael spokesperson for European Affairs, Neale Richmond.
Deputy Richmond said: “Ireland is now the first EU Member State to receive approval for funding from the Brexit Adjustment Reserve, with our allocation set to be €920.4 million.
“As the Member State most adversely impacted by Brexit, the EU has committed to protecting Ireland from its worst impacts through economic supports that will lead to job creation and training, as well as supports for border, customs and security controls.
“Irish businesses and traders have been hugely impacted by Brexit, with many businesses transforming their trading models, utilising new trading routes and diversifying their trading markets.
“This funding is a clear illustration of EU solidarity and ensures that businesses will be supported through this transition and beyond.
“Ireland will receive €361.5 million in 2021, €276.7 million in 2022 and €282.2 million in 2023. This can be used for retraining people, helping different industries, including fishing, and assisting with the cost of new red tape at EU-UK border.
“Given that the full impact of Brexit will not be known for several years, this extended funding is crucial to ensure that supports will be available when they are needed the most.
“That Ireland will receive €1 billion of the €5 billion fund clearly shows that the EU are fully committed to supporting Ireland, as they have at every step of the Brexit process.
“With so many uncertainties regarding Brexit remaining, EU solidarity is as important as ever and shows no signs of waning.
“Ireland did not ask for Brexit, nor do we support it, but we must deal with the consequences of the UK’s decision. This funding is crucial to ensure that the transition is as smooth as possible for our businesses,” Deputy Richmond concluded.