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. Commissioner for Cohesion and Reforms, Elisa Ferreira, 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.” 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. The Brexit Adjustment Reserve of €5.4 billion has been put in place to support all Member States while ensuring a strong concentration on those most affected. More details in the press release.
