Ireland set for 1 bn euros from EU Brexit fund

January 14, 2021 Business
The EU on Wednesday unveiled plans to divide up a four-billion-euro tranche of post-Brexit funds, with Ireland obtaining a quarter of the amount of money to greatly help hard-hit businesses.

The Brexit Adjustment Reserve, worth five billion euros in total, is targeted at supporting the bloc's 27 nations weather the immediate impact of Britain's departure from the EU's single industry and customs union.

The funds are being allotted according to how integrated each member was with the UK economy.
How big a blow reductions in usage of British waters is to their fishing industries is also being considered.

Under the proposal introduced online by cohesion commissioner Elisa Ferreira, Ireland would get the largest chunk of the funds with some one billion euros, accompanied by the Netherlands on 760 million, Germany 455 million and France 420 million.

The division of the funds -- set to be passed out this season -- still must be signed off by member states and the European parliament.

Ireland, which shares the EU's only land border with the UK, possesses long warned it could be among the countries hardest-reach by Britain leaving the solitary market.

London and Brussels reached a last-minute post-Brexit trade offer on December 24 that ensures zero tariffs on most goods flowing between your UK and EU.

But latest customs regulations mean there will now be added costs and paperwork for European firms employing Britain.
Supply chains have already been impacted from companies spending duties on EU goods exported to redistribution hubs found in the UK that are then sent on to EU countries.

The offer also sees EU fishing fleets face a twenty five percent cut to their catch in Britain's rich waters over another five years. Quotas can be negotiated annually from then on but with potential EU tariffs on UK fish goods applied as a result.

The issue of fishing rights was a major sticking point in the trade talks as the UK insisted it wanted full control of its waters while EU coastal states pushed in order to avoid a potentially devastating hit with their fishing industries.

Source: Daily-sun - Business News