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EU to Allocate €5 Billion for the Member States to Tackle Negative Impact of Brexit

A total of €5 billion will be allocated to the regions, sectors and communities most affected by the negative impact of the United Kingdom’s withdrawal agreement from the European Union (EU), better known as Brexit, the Council of the European Union announced.

In a press release announcing the move, the Slovenian Minister for Development and European Cohesion Policy, Presidency of the Council, Zvonko Ernaş, said that the provision of the reserve indicates that “the much-needed financing will soon be made available to the most affected European regions and companies, especially small and medium-sized enterprises. and its workers.

Our aim is to help the most vulnerable navigate a difficult period of adjustment to the fallout from Brexit. This demonstrates the solidarity of all member states with the hardest-hit areas, the minister said.

This financial support will help businesses get out of the current crisis sparked by Brexit, reports.

In this regard, the Fund provides a non-exhaustive list of measures, ranging from support to small and medium-sized businesses, regional and local communities, as well as organizations, including small coastal fisheries that rely on fishing activities in UK waters, as well as measures to support the creation of opportunities Work and reintegration into the labor market for returning EU citizens,” stated the statement published by the Council of the European Union.

According to the announcement, the other measures imposed from January 1, 2020 until December 2023 will be funded through the Reserve Funding Support.

The allocation of this amount was determined by taking into account three main factors, namely:

The importance of trade with the United Kingdom, of which a total of 4.5 billion euros of money will be distributed on the importance of fisheries in the economic region of the United Kingdom, of which 656 million euros will be allocated to the importance of the adjacent relations of the maritime border areas with the United Kingdom, and 273 million euros will be distributed to them

The allocation of this amount was approved by the Council of the European Parliament in first reading, which was voted on on 15 September and will become effective the day after its publication in the Official Journal of the European Union in the first half of October. .

Earlier this month, reported that the European Union plans to allocate €5 billion through 2025 in order to help countries and companies affected by the Withdrawal Agreement. This decision was confirmed in a statement published by the European Parliament.

During the period when the United Kingdom was part of the European Union, citizens of both regions were eligible to enjoy many common benefits. However, since the beginning of this year, the new rules have come into effect, and EU citizens will have to follow the rules that all third-country nationals follow when planning travel to the UK.

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