Brexit adjustment reserve: 20 920.4 million approved by the Pre-Financing Commission for Ireland – Local Policy

Brexit adjustment reserve: 20 920.4 million approved by the Pre-Financing Commission for Ireland - Local Policy

06/12/2021

The European Commission has approved a decision to release funds from the Brexit Adjustment Reserve to Ireland for a total of 20 920.4 million.

Ireland is the main beneficiary of the Brexit Adjustment Reserve, the first member state to receive pre-financing from it. It will help mitigate the effects of Brexit on the Irish economy, support the regions and the economy, and create and protect jobs such as short-term employment, retraining and training programs.

And Elisha Ferreira, Commissioner of Co-operation and Reforms, said: “Brexit has adversely affected the lives of many citizens. In the European Union, the Irish suffer the most. The EU’s Brexit Adjustment Reserve is an instrument of solidarity with those most affected. As we move forward, we do not want to leave anyone behind. Financial assistance to Ireland will help improve living standards, support economic growth in the country, and mitigate the adverse effects on local communities.

Ireland will receive 1 361.5 million in 2021, 6 276.7 million in 2022 and 2 282.2 million in 2023. Expenses from 1 will be financed.Is January 2020.

Next steps

The Commission will pay Ireland its first installment of pre-financing by the end of this year. The Commission plans to take decisions in the coming weeks regarding the Brexit Adjustment Reserve for other member states.

Context

All member states experience the effects of Brexit, but in different ways. It affects some member states, regions, regions or local communities more than others. The Brexit Adjustment Reserve, with a budget of 4 5.4 billion, has prioritized the most vulnerable to support all member states. The financial contribution made to a Member State under the Reserve will be implemented under shared management. It is not conditional on programming or pre-planning of actions, and also allows for a certain flexibility in the implementation of the subsidiary principle. The regulation came into effect in October 2021.

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