EU solidarity in action is how one Fine Gael TD has described the allocation of over €1 billion to Ireland through the Brexit Adjustment Reserve.
Fine Gael Spokesperson for European Affairs, Deputy Neale Richmond said, “That Ireland are set to receive over €1 billion from the EU’s Brexit Adjustment Reserve is hugely welcome and will make a huge difference to our businesses, both small and large.
“The EU have stood in solidarity with Ireland throughout the entire Brexit process. Now that the UK have left the EU, this has not changed.
“This announcement is a clear sign of EU solidarity and an acknowledgement of the impact Brexit will have on the Irish economy.
“While Irish businesses have been diversifying away from trade with Britain over the past few years, Brexit has, and will continue to have, a huge impact on our businesses and trade.
“Under the Brexit Adjustment Reserve, a first instalment of €1.6 billion will be available by December, with two other rounds of €1.6 million available at the beginning of 2022 and 2023. A final €1 billion will be available to Member States in 2025.
“That this funding is spread over several years is crucial as the full extent of Brexit’s impact on our economy is not yet known and may not be fully understood for some years.
“Regardless, Ireland’s proximity to and shared border with the United Kingdom leaves us especially vulnerable to the effects of Brexit.
“Allocation of funding under the Brexit Adjustment Reserve is based on the country’s trade with the UK, the importance of fisheries in the UK exclusive economic zone and the population living in maritime regions bordering the UK.
“The fund will support businesses, self-employed people and local communities by investing in job creation and retention. Support will be provided to citizens who must return from the UK, helping them re-integrate into society and support border, customs and security controls.
“Ireland did not ask for Brexit, indeed we regret it immensely. No trade deal will be as good as the status quo, but this fund will go a long way to support our businesses through this transition,” Deputy Richmond concluded.